The price of gold rose yesterday, despite the strengthening of the US dollar. The reason for this was the news about the launch of a full-scale quantitative easing program with a volume of monthly asset purchases for 60 billion euros, which should support the growth in commodity markets. At the same time, investors continue to show increased interest in defensive assets before the parliamentary elections in Greece, the results of which can lead to problems with the restructuring of loans. Thus, the opposition party Syriza that can win elections opposes austerity measures which are necessary for restructuring loans. We maintain a positive medium-term outlook for gold, but in the near future we can see the change at short-term trend to negative.
The price of Light Sweet crude oil has stabilized near a strong support level at 47.50 and looks forward to new impulses for further movement. On the one hand the number of new rigs in the United States is reduced and companies are cutting investment in the development of shale oil in the US, but on the other hand, an excess of oil on the market and a lack of desire to reduce the volume of oil production by OPEC countries will continue to put pressure on oil prices. Increase in oil prices was caused by the death of King Abdullah of Saudi Arabia, but the effect will be short-term due to the consistent policy of Saudi Arabia. US crude inventories rose unexpectedly by 10.1 million barrels, compared with an expected increase of 2.5 million barrels. We maintain our medium-term negative outlook on the oil price.