25.11.2014 - The price of gold has stabilized near $ 1200 per troy ounce
The price of gold continues to consolidate near the important level of $ 1200 per troy ounce. Growth of the price is limited by a maximum in 4 years value of the dollar index. It is worth recalling that the statement of the ECB on its readiness to strengthen measures to deal with low inflation in the euro area and lower interest rates of People's Bank of China to 2.75% on deposits and 5.6% for credits continued to strengthen the US dollar. Today, the central event of the day will be the publication of preliminary data on US GDP growth in the 3rd quarter. Analysts predict that growth will be 3.3%. Demand in Asia is growing, but remains lower than in previous years. The growth on the stock markets also weighed on demand for protective assets. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil continues to decline amid speculations about the future of OPEC meeting in Vienna, which will take place on November 27. The data on GDP growth in Germany of 0.1% in Q3, which coincided with forecasts of analysts showed no positive dynamics in Europe's largest economy. The course of trading today will be affected by the statistics on US GDP growth in Q3. Increase of this indicator will lead to improved expectations for oil demand in the near future and will increase the quotes. We recommend to fix positions before the meeting of OPEC after which we expect strong growth of volatility. At the same time, our medium-term outlook for oil remains negative.