16.02.2015 - Activity of traders will decrease due to the holidays in China
The price of gold continues to rise gradually on the weakening of the US dollar caused by weak data on consumer confidence index which showed a decline on Friday. It is worth noting that in China tomorrow begins the celebration of the New Year and the activity on the market will be much lower. An increase of US stock markets stimulates the sales on the market. Tensions over Ukraine slightly weakened, but may increase in the near future. The focus of investors remains the Greek debt crisis, which may lead to the country's exit from the Eurozone. We expect continued gradual growth in the near future and maintain the medium-term negative outlook.
The price of Light Sweet crude oil continues to consolidate near the levels of 50-54 dollars per barrel of oil. At the moment, the quotes depend on the news on reduction of the number of drilling rigs in the United States, as well as the statements on reduction investments of oil companies. On the other hand the oil market remains oversupplied. Statistics for GDP growth in the euro area by 0.3% in the 4th quarter of last year, which is 0.1% better than expected, also supported oil prices. Today, price volatility will remain reduced. We maintain our medium-term negative outlook on oil and expect strong price movement in the near future.