29.01.2015 - Oil reserves in the United States reached the maximum since 1982
The price of gold continues to consolidate below the level of $ 1300 per troy ounce. Fed statement did not lead to a strong price movement. Thus, the Fed declared their intention to keep interest rates at current levels at least until June. At the same time, the Fed noted the growth of the labor market and the expectation of strong growth in GDP. At the same time, the demand for gold is supported by investors' concerns about the next steps of the new Greek government and fall on stock markets. Demand in Asia declined due to higher prices, but investment funds and central banks continue to build up positions. We maintain our medium-term positive outlook for gold, but do not exclude fall of prices in the near future.
The price of American Light Sweet crude oil continued to decline against the publication of data on oil inventories in the US, which reached its highest level since the start of recording in 1982 statistics. Thus, inventories increased by 8.9 million barrels to 406.7 million barrels. At the same time, gasoline inventories decreased by 2.6 million barrels. The Fed's statement about the growth of the labor market and the US economy was able to partially compensate the negative statistics on reserves. After a long consolidation of price we can see a sharp price movement. The catalyst for the growth of volatility can become the data on US GDP growth in the 4th quarter, which will be published tomorrow. We maintain our medium-term negative outlook and recommend holding short positions.