The price of gold continued to rise and reached the next target level of 1265 dollars per troy ounce. Price reached 4-month high after the Swiss central bank lifted the price restrictions of the Swiss franc against the euro. In addition, the SNB lowered its interest rate to -0.75%. The weak labor market statistics in the United States, where the number of initial claims for unemployment benefits rose to 316 thousand against the expected 299 thousand, as the US dollar weakened and supported the demand for gold. Investors' concerns about the growth on the stock markets, the political crisis in Greece and demand for jewelry in China before the Chinese New Year celebrations, continue to support the bulls. We maintain our positive outlook for gold and recommend holding long positions.
The price of oil yesterday corrected sharply up against the closing of short positions, but resumed the fall due to lack of prerequisites to reduce excess of oil on the market in the near future. Venezuela, which has the world's largest oil reserves in the world and Russia, which is the largest oil producer, are going to coordinate their actions in order to stabilize oil prices in the world. At the same time, it is worth noting the deterioration of growth forecasts for the world economy in 2015, which also negatively affects the mood of traders. We recommend holding short positions on oil and keep the medium-term negative outlook.