The price of gold continues to consolidate below $ 1300 per troy ounce, but cannot continue to grow. Driver of growth in the near future may become a new statement of the political leaders of Greece after the elections that has won the opposition left-radical party Syriza. The main issue is the restructuring of Greece's debts. At the same time, analysts pay attention to the growing tensions in eastern Ukraine, which could lead to strengthening sanctions against Russia. Further escalation of the conflict could lead to increased demand for defensive assets. Investment funds accumulate gold reserves, but demand remains weak in Asia. We maintain our positive outlook for the medium-term, but we can see a continuation of a downward correction in the near future.
The price of Light Sweet crude oil continued to decline due to the strengthening of the US dollar after the ECB's decision on launching the program of quantitative easing, with the volume of asset purchases at 60 billion euros monthly from March to September 2016. It is worth noting that the death of the King of Saudi Arabia had a short-term effect on the price of oil and due to the persistence of the policy of the kingdom on the volume of oil production, the downward movement was resumed. This week the course of trading will be affected by the data on US GDP growth and the Fed's statement on monetary policy.