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17.02.2014 - Gold continues to rally

U.S. stock indexes finished the last trading session of the week with growth. Bulls were supported by statistics on consumer confidence, which has remained at around 81.2 in February, despite the fact that the expected decline was to 80.6. At the same time, data on industrial production disappointed experts who had expected growth to 0.2% and the index decreased by 0.3% in January. U.S. indexes are approaching to historic highs and it will be difficult to overcome them after the first attempt.

On Friday, in the euro zone was released the preliminary data on GDP growth in Q4 2013. Thus, the index increased by 0.3%, while expected growth was by 0.2%.

Today the U.S. markets are celebrating a national holiday, and important macro is also not expected to be released in Europe, so we predict a low volatility during the trading session.

The euro is trying to gain a foothold above the 1.37 level, on positive news of GDP growth and a weaker dollar. With high prob

December 23, 2013 of EUR-USD Performance

The British pound has risen to its highest level in a period of almost 2 years. The basic idea for the growth was the talks about the possibility of an earlier rate increase by the Bank of England. This week we should pay attention to the inflation data (Tuesday) and the data on the labor market (Wednesday).

The data on GDP growth in Japan in Q4 2013 coincided with the previous rate of 0.3%, but appeared worse than expected growth by 0,7%. The volume of industrial production in Japan increased by 0.9%, which is 0.2% worse than the predicted figure. On this background the yen continues to strengthen gradually against the U.S. dollar. We expect the continuation of decrease to the level of 100.90. Tomorrow will be released a statement of the Bank of Japan on monetary policy, which should help to determine the direction of future price movements of the yen.

The Australian dollar again approached the strong level of 0.9070. On Wednesday night will be published index of leading economic indicators, which may help to identify the further price movement of AUD/USD.

The price of Light Sweet crude oil continues to consolidate around the psychological mark of $ 100 per barrel. Weak data on industrial production in the U.S., neutralized the price growth associated with interruptions of supplies from Libya and Angola.

Doubts about the future growth of the world's largest economy continue to heat up investor's interest in protective assets such as gold. Despite the fears that gold is overbought, we should not underestimate the upside potential. The closest target in case of further growth will be the level of 1360 dollars per troy ounce.

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