The price of gold continues to correct against the weakening tension on the elections in Greece, where has won the opposition party Syriza, which opposes the austerity measures in the country. It is worth noting that gold is still at a high level, despite a decline in concerns about the prospects for growth on global stock markets following a statement about the launch of quantitative easing in the Eurozone. According to our estimates, the price may continue to correct in the near future, but the increased demand for defensive assets in connection with the political situation in Greece and geopolitical risks will support the price of gold. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil continues to consolidate near its lowest level in 6 years. Investment companies and rating agencies continue to worsen forecasts for oil prices to 30-35 dollars per barrel at the persistence of excess oil on the market and the refusal of OPEC from cutting oil production volumes. At the same time reducing the number of new drilling rigs in the United States and the reduction of investment in the development of shale oil in North America shows the reduction of excess of oil in the long term. Investors expect the publication of data on oil reserves in the US, which will be published tomorrow. Our medium-term negative outlook and recommendation to hold short positions remain unchanged.