11.03.2016 - Gold continues to rise against the background of the US dollar decline
The price of gold showed growth against the background of the US dollar decline against the euro, which was caused by the statement of the ECB, according to which the bank does not plan to lower interest rates further, after yesterday's decline. This fact has led to a fall on the stock markets, which supported the demand for defensive assets such as gold. According to our estimates, the potential for continued growth in the near future is limited by the psychologically important level of 1300 dollars per troy ounce. Our medium-term outlook remains negative.
The price of futures for the Light Sweet crude oil continues to rise amid the weakening of the US dollar. It is worth noting that the price of oil continues to support the speculations about a possible consensus between the major oil producers with the aim of coordination for higher oil prices. It is worth noting that the meeting of major oil producers planned for March 20 in Moscow, could not take place due to Iran's refusal to freeze the volumes of oil production in January or current levels. We forecast a drop in prices in the medium term and the near future.