The price of gold continues to decline gradually with the improvement of the situation on the Chinese stock market, which has stopped falling and began to increase, thereby reducing demand for defensive assets like gold. It is worth noting that investors are watching the development of the Greek crisis. The Prime Minister of Greece, presented proposals for reforms, which will be considered at the weekend and could lead to the extension of the emergency aid for the country. In case of failure of negotiations during the weekend, can begin the process of a Greek exit from the Eurozone. The potential reduction of the price of gold is still low, but we see no reason for the start of growth soon. Our medium-term outlook for gold is positive.
The price of Light Sweet crude oil is corrected upwards after a sharp decline last week. Support for oil prices was the news from China, where the stock market resumed growth after the suspension of trading and a number of restrictions imposed by the regulator, as well as in connection with the provision of cheap funding. At the same time we do not see a consensus on Iran's nuclear program at the talks in Vienna. In the case of lifting of sanctions against Iran, the supply of oil on the market will increase, and quotes will continue to decline. In the near future we can see the increase in price, but the medium-term outlook remains negative.