The price of gold continues to move in a downward channel due to the weakening of geopolitical tension associated with the Ukrainian crisis, growth on the US stock markets within which the indices reached historic highs and expectations of the Fed raising interest rates. It is worth noting that Chinese consumers are not currently on the market in connection with the celebration of New Year in China, which will last until 24 February, after which we expect growth of quotations of gold. According to our forecasts quotes will continue to decline in the near future, and the purchase will resume in the area of 1180-1200 dollars per troy ounce. Growth in demand can cause deterioration of the situation with the restructuring of Greek debt. We maintain our positive outlook for gold and recommend to accumulate positions in gold with in case of decrease to 1180-1200 dollars per troy ounce.