The price of gold decreases against the strengthening of the US dollar, which is caused by the expectation of improving the economic situation in the US, despite weak labor market data. Uncertainty as to the timing of the Fed interest rate increase continues to keep investors from building up positions. Today, the course of trading will be affected by the most important data on retail sales in the US (12:30 GMT). The course of trading may also be affected by the news regarding negotiations on Greek debt restructuring. Despite the rise of the stock markets, we expect the resumption of demand for gold in the medium term and maintain a medium-term positive outlook.
The price of Light Sweet crude oil continues to consolidate around important level of 54 dollars per barrel. Support for the quotes of oil is reducing the number of drilling rigs in the United States, which, from the maximum values in October fell by 53%. Despite this oil reserves in the United States continues to grow, and spare capacity for oil storage are reduced. The focus of investors is in the talks on Iran's nuclear program, on which was previously reached a preliminary agreement and in case of the lifting of sanctions oil supplies to the market to increase by 1.5-1.8 million barrels. We maintain our medium-term negative outlook on oil and recommend to open short positions with the potential drop to $ 40 per barrel.