14.01.2015 - The growth of oil imports in China could not stop the fall in prices
The price of gold yesterday corrected following steady growth caused by investors' concerns about falling oil prices, the political crisis in Greece and fears of investors about the prospects for further growth on global stock markets. Among the reasons for yesterday's correction we should mention positive statistics on the index of optimism in the US small business, which grew to a maximum of 8 years and was 100.4. At the same time, the number of vacancies in the United States has increased to a maximum level in 14 years up to 4.97 million. We maintain our medium-term positive outlook for gold with the objectives of 1252 and 1265 in 1278 dollars per troy ounce.
The price of oil continued to decline amid expectations of raising US oil inventories. In addition, in the United Arab Emirates confirmed their intention to maintain the current volumes of oil production. The dynamics could not be changed even though the publication of data on oil imports in China, which rose in December by 13% compared to the same period of the last year, or up to 7.2 million barrels of oil a day. Today in the US will be published statistics on oil and petroleum products inventories (15:30 GMT). Oversupply of oil on the market continues to put pressure on the quotes of commodities. We recommend holding short positions on oil and keep the medium-term negative outlook.