31.12.2014 - Oil updated minimum of more than 5 years

The price of gold yesterday showed strong growth amid a weakening of the dollar and the fall on the US stock markets. It is worth noting that the demand for gold continues to be supported by the news from Europe, where a political crisis that may affect the loan restructuring. Analysts' fears about the possible fall on the stock markets also increases the interest in defensive assets. We maintain a positive medium-term outlook for gold, but expect continued consolidation near the level of $ 1,200 per troy ounce in the near future.

The price of Light Sweet crude oil continues to consolidate below $ 54 a barrel after dropped sharply at the beginning of the week. Investors continue to sell oil contracts in connection with the news of the discovery of new oil fields in the United States. The fire in the port of Libya was offset by increased pessimism in the market. Given the lack of evidence of decline in production in OPEC countries and weak demand for oil in Europe and Asia, we recommend holding short positions in the oil and keep the medium-term negative outlook on oil, with the target over $ 50 per barrel.

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