25.02.2015 - Data from China was able to stop the decline of oil
The price of gold could not continue to fall and at the moment is above the psychologically important mark of $ 1,200 per troy ounce. Speech of the Fed chairman has not led to a strong price movement. Investors still expect the Fed raising interest rates in the second half of this year. The European Commission has confirmed the information on preliminary agreements to extend the loan program for Greece. Investors are waiting for the publication of statistics on the US GDP growth, which will be held on Friday. Data on the growth of the manufacturing PMI to 50.1 in China also supported the price of gold. We recall that today is the first working day after the New Year celebrations in China. We expect the resumption of purchases of gold in the area of 1180-1200 dollars per troy ounce and maintain a medium-term positive outlook.
The price of Light Sweet crude oil continues to consolidate below $ 50 a barrel. Growth is limited by the oversupply of oil on the market despite the stop of production at one of the largest Libyan oil fields. Quotes are supported by the news on the growth of the manufacturing PMI to 50.1 in China and the statement of the European Commission for the approval of projects of Greek reforms and the extension of the loan program for Greece for 4 months. Today will be published data on oil reserves in the US (15:30 GMT), which are at record levels. We maintain our medium-term negative outlook on oil with a potential drop to 45 and 40 dollars per barrel.