The price of gold continues to rise against the background of increased demand for defensive assets in connection with the continuation of the fall on the stock markets. The lack of demand for gold in China this week has a deterrent character for the price, but the pent-up demand is likely to be taken into account next week. Tomorrow we should pay attention to the rhetoric of Fed chairwoman Janet Yellen during a speech in Congress. A more dovish Fedâs mood will maintain gold. In the case of upward correction on the stock markets, the price of gold will fall. We expect increased volatility in the coming weeks.
The price of futures for the Light Sweet crude oil continues to gradually decline against the backdrop of pessimistic expectations regarding global economic growth, the pace of which continues to slow down. At the same time, investors no longer believe in the possibility of reaching a consensus on the reduction of oil production among the major oil producers. Tomorrow will be published data on US oil reserves, whose growth will continue to put pressure on oil quotations. According to our predictions, the excess of supply of oil on the market will continue to put pressure on oil quotations in the first half of the year and growth is possible only within the correction.