24.03.2015 - A weaker dollar supported commodities markets
The price of gold continues a gradual increase amid weakening of the US dollar. Support for the demand for the yellow metal remains uncertain situation regarding the Greek debt restructuring. Demand for gold from investors and Chinese consumers fell earlier in the week. To continue the growth of quotations must be overcome important level of $ 1,200 per troy ounce. We expect a minor correction in the near future. Our medium-term view on gold remains positive.
The price of Light Sweet crude oil showed an increase amid the weakening of the US dollar, which is caused by the uncertainty on the timing of the Fed raising interest rates. At the same time in Saudi Arabia said that the volume of production is 10 million barrels per day, while in the second half of last year, production was 9.7 million barrels per day. The country sees no reason to increase production above the level of 12.5 million barrels a day. Investors fear of reducing storage capacity of oil in the United States and China, which could lead to a sharp drop in prices. We maintain our medium-term negative outlook and recommend holding short positions on oil, with the target at $ 40 per barrel.