The price of gold continues to fall against the strengthening of the US dollar which is caused by increasing the likelihood of higher interest rates by the Fed this year, and also due to the positive statistics in the United States. It is worth noting that the demand for jewelry in Asia continues to decline. China and India are the two largest consumers of gold and sales of the metal are low on their markets that put much pressure on the gold price. On the other hand the growth of stock markets and the likelihood of achieving a consensus on the restructuring of Greek debt will lead to a further decline of interest in defensive assets. The price may drop to $ 1,150 per troy ounce, but our medium-term outlook remains negative due to the expectation of the correction on the stock markets.