15.01.2015 - Demand for gold continues to grow

The price of gold is trying to continue to grow amid rising uncertainty on the stock markets, as well as in connection with the political crisis in Greece. Yesterday, the demand for gold was supported by the fall of the US dollar after the publication of unexpectedly weak data on US retail sales, which reduced by 0.9% in December, against the expected growth of 0.2%. World Bank report showed a decrease in the forecast of world economic growth in 2015 by 0.4% to 3.0%. The slowdown will occur in China to 7.1%, but the US economy will grow by 3.2%, which is 0.2% better than the previous forecast. We maintain our medium-term positive outlook for gold and recommend holding long positions.

The price of Light Sweet crude oil corrected yesterday amid a weakening US dollar, as well as the need of technical growth after a long decline. Despite this, the price could not overcome the psychologically important level of $ 50 per barrel and resumed its decline. This situation is a good time to open short positions. Yesterday was also published data on the growth in US oil inventories by 5.4 million barrels compared with an expected growth of only 1.2 million barrels. Given the deterioration in global economic growth forecast by the World Bank, we maintain a medium-term negative outlook and recommend holding short positions in oil.

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