The price of gold continued to decline against the strengthening of the US dollar. Investors continue to monitor the Greek crisis, but the options of negative development are already partially priced in. Gold demand from investment funds is still low, but may grow in case of a fall on the US stock market. It is worth noting little interest to the metal from Asian consumers, which is caused by seasonal factors. The potential for further reduction in price of gold is limited due to the approximation of the average cost of mining gold at around 1050-1100 dollars per troy ounce.
The price of Light Sweet crude oil continued to decline and reached the target level of 52.00 dollars per barrel. Among the main reasons that continue to put pressure on the oil quotations remains oversupply of oil, which can grow in case of the lifting of sanctions against Iran, which can happen on July 10. In addition, the fall on the Chinese stock market by 30% from the middle of June has a negative impact on investors' expectations regarding the demand for oil from the second largest oil consumer in the world. We expect a further fall in oil prices in the medium term and recommend holding short positions with the targets at 48,00-52,00 per barrel.