The price of gold continues to consolidate near the levels 1220-1230 dollars per troy ounce. On the one hand the ECB announced on granting additional liquidity to Greece, but on the other hand, yesterday's EU summit failed to reach a consensus on the restructuring of Greek debt. At the same time positive for gold was the weakening of the dollar after the release of data on US retail sales, which fell by 0.8%, compared with an expected drop of 0.4%. Today, in the center of attention of investors will be the data on GDP growth in the euro area (10:00 GMT) and the index of consumer confidence in the US (15:00 GMT). Demand for gold is supported by fears concerning the Greek crisis and hostilities in Ukraine. We maintain our medium-term negative outlook and recommend to accumulate long positions.
The price of Light Sweet crude oil resumed growth amid weakening of the US dollar. An additional positive factor for investors was the news on providing additional liquidity for Greece in the near future, despite the absence of a decision concerning the debt restructuring of the country. At the same time, investors reacted positively to the news on the agreement on a ceasefire in the east of Ukraine since February 15. Reducing the number of drilling rigs in the United States support quotations of oil, but the preservation of oversupply on the market continues to put pressure on the quotes of commodities. We maintain our medium-term negative outlook and recommend holding short positions on the oil with the potential reduction up to 45.00 and 40.00 dollars per barrel.