02.06.2016 - Traders are waiting for the outcome of OPEC meeting
The gold price is consolidating after the recent decline caused by the increase in the probability of monetary tightening in the US due to rising inflation and the improvement of the situation on the labor market. The decision on raising interest rates can be taken on 15 June. The investors are in no hurry to accumulate positions ahead of tomorrow's publication of a report on the labor market in the US in May. Support for the metal may be a significant correction on the stock markets. We expect a rise in volatility tomorrow and maintain the negative medium-term outlook with a potential decline to 1100 dollars per troy ounce.
The price of Light Sweet crude oil restores positions after the recent fall. Today is the meeting of OPEC, and we expect to see a strong movement against the background of the results of the meeting. According to our forecasts at this meeting will not be reached consensus on reducing the oversupply of oil on the market, which will lead to a drop in prices on the market. Today, the dynamics of trading will also affect data on oil reserves in the US (15:00 GMT). Volatility will be high today, and in spite of this, we maintain a negative outlook for the near future.