The price of gold continues to consolidate within the range of 1050-1080 dollars per troy ounce. Given the low activity of investors due to the holiday period, we do not expect strong price movements. The main factors that support the price of gold are increased demand in China amid growing consumption of jewelry in the festive season, which will last until February and the uncertainty on the stock markets. In case of the fall of the American stock indexes, gold demand will rise. On the other hand, the Fed's monetary tightening and the strengthening of the dollar may lead to a drop in price to $ 1,000 per troy ounce in the first quarter of 2016. We expect the price decline in the near future.
The price of Light Sweet crude oil at the end of last week showed an upward correction against the background of decline in US oil inventories. This factor has led to fixation of short positions before Christmas after a strong decline yesterday. Despite recent growth, we expect a further decrease in quotations on the background of oversupply of oil on the market, which may increase in the first quarter of 2016 after an increase in supplies from Iran in connection with the lifting of sanctions. Our medium-term outlook remains negative and we are waiting for the fall in the coming days.