The price of gold started to correct after reaching the psychologically important level of $ 1300 per troy ounce. Investors were disappointed by the information about plans of beginning of the program of asset purchases by the ECB for 50 billion euros per month since March, against the expected onset of purchases in January. Today is expected the increase of price volatility after the press conference, of the head of ECB President Mario Draghi (13:30 GMT). Despite the possible weakening of the gold price within the correction, the demand for the yellow metal will remain high due to investors' concerns about growth on global stock markets, as well as due to geopolitical risks. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil corrected on news that BHP Billiton plans to reduce investments in shale oil in the United States by 40%. At the same time, investors expect the statement of the head of the ECB regarding the launch of a full-scale program of quantitative easing. Today is expected to be published statistics on oil reserves in the US (16:00 GMT). Reducing the rate of development of new deposits of shale oil in the United States would reduce the imbalances of supply and demand on the market. We expect a further decline in oil prices on the background of deteriorating outlook for global growth in 2015 and recommend holding short positions with the targets of 40 and 35 dollars per barrel.