04.06.2015 - Traders await the outcome of the OPEC meeting
The price of gold showed a decline amid lower demand for defensive assets. Thus, the news of progress in negotiations and creditors of Greece in Berlin increase the likelihood of positive developments with the Greek crisis. At the same time, Mario Draghi noted the positive impact of quantitative easing on inflation and inflation expectations. Demand from investment funds is low and the largest gold reserves in ETF, investing in gold fell to its lowest level in 5 years. Asian consumers are also not in a hurry to buy the metal due to weak demand for jewelry. The potential for further decline is limited by the level of $ 1,150 per troy ounce, and the price in the near future will likely continue to move in the range of 1170-1220 dollars per troy ounce.
The price of Light Sweet crude oil continues to fall after the statements by the Minister of Oil of Iran an excess of oil on the market. In addition, yesterday was published statistics according to which the US crude stocks fell by 1.9 million barrels, in line with analysts' forecasts. It is worth noting that investors are in no hurry to build up positions ahead of the publication of important statistics on the labor market in the United States tomorrow, and also in connection with the meeting of OPEC on which according to our estimates will not reduce oil production quotas, but they can improve. In the persistence of excess oil on the market at the level of 1.5-2.0 million barrels of oil a day, we keep a medium-term negative outlook on oil.