18.12.2014 - Oil continues to correct upward
The price of gold, after rising volatility yesterday, returned to the level of $ 1200 per troy ounce. It is worth noting that the Fed stated that they will not raise interest rates before the meeting of the Federal Open Market Committee in April. At the same time, it is worth noting that the Fed refused to keep interest rates at current levels for a considerable period of time. It is also worth noting the statement made by the ECB Kere, that increased the confidence in the beginning of the program of quantitative easing early next year. Today, the course of trading will be affected by labor market data in the US (13:30 GMT). Given the possibility of a further fall on the stock markets and weak data from China and Japan, we maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil corrected after a decline earlier. The price of oil was also supported by data on the reduction in US oil inventories by 0.8 million barrels, which was less than the forecast of reduction by 2.6 million barrels. It is worth noting that some investors are starting to fix positions before the Christmas holidays. Despite the current corrective gains, the price of oil continues to be under the pressure of imbalance of supply and demand in the market. We expect the downtrend to continue in the medium term and recommend holding short positions.