15.12.2014 - Oil corrected, but will continue to fall
The price of gold has declined in the last trading session of the week against the growth of consumer confidence to its highest level since 2007. Thus, the figure rose to 93.8, against the forecast of 89.6. It is worth noting that the demand for gold from investment funds is supported by investor concerns about the prospects for further growth on the stock markets. In addition, purchases of gold has traditionally grow in the 4th quarter of the year due to holidays in Asia. This week negative for gold may be the publication of minutes of the previous meeting of the Fed on Wednesday. We maintain our positive outlook for the medium-term and recommend holding short positions.
The price of Light Sweet crude oil continued to decline on Friday amid report of the International Energy Agency, which predicts that the oil demand in 2015 will grow by only 900 thousand barrels per day, that is 230 thousand barrels less than the November forecast. It is worth noting that on the market is still an excess of oil that continues to put pressure on the stock. Production in the US is growing steadily, and OPEC previously refused to lower the production quota. Tomorrow the course of trading will be affected by the data on the industry in China, which is the second after the US oil consumer. Our medium-term outlook remains negative and we recommend holding short positions.