The price of gold reached an important level of $ 1,200 per troy ounce amid rising stock markets and expectations related to the restructuring of Greek debt. Publication of the minutes of the previous meeting of the US Federal Reserve has led to a weakening of the dollar. It is worth noting that Chinese traders have left the market in connection with the celebration of the New Year, which will last until 24 February. Accordingly, we expect growth of quotations of gold after 24 February due to pent-up demand from Chinese consumers. According to our estimates, the purchase will be resumed in the region of 1180-1200 dollars per troy ounce after reaching which we recommend to accumulate long positions and maintain a medium-term positive outlook.
The price of Light Sweet crude oil declines on expectations of growth in US oil inventories. Statistics on reserves will be published today at 16:00 GMT. Oil prices continue to be under the influence of speculation about the fact that oil production continues to grow despite the closure of a significant number of drilling rigs in the United States. Investors hope on resolving the situation with the debt crisis in Greece. Reducing the supply of oil from Iraq, which is second oil exporter in OPEC after Saudi Arabia, has failed to improve investor sentiment. Given the oversupply of oil in the market, we recommend holding short positions and maintain the medium-term outlook for oil.