The price of gold falls in the expectation of an earlier rise in interest rates in the United States, leading to an increase of the dollar. In addition, the quantitative easing program will be completed in the near future, which will reduce the inflow of liquidity into the market. Demand from investment funds remains weak, but can grow in case of falling on the stock market. Investors are watching the situation in the east of Ukraine, and in case of stronger confrontation will accumulate positions. We forecast further price decline with the objectives of 1220, and 1200 per troy ounce, but we expect the resumption of growth in the medium term.
The price of Light Sweet crude oil rebounded up on background of a sharp rise in demand from refineries, which was caused by reaching their lowest levels since April 2013. It should be noted that previously the International Energy Agency reduced forecasts of oil consumption in 2014 and 2015. At the same time, it became known about decline in the production of OPEC countries by 130 thousand barrels per day to 30.3 million barrels per day. Oil demand in Europe remains weak, and the downside risks of growth in the Chinese economy continue to put pressure on oil prices. We predict that the price of oil in the near future will continue to consolidate near the current levels. At the moment, there is no reason for changing the trend to positive.