10.06.2014 - Oil traders are waiting for the decision of OPEC

Gold quotations continue to consolidate in a narrow channel 1252-1258. Easing of monetary policy by the ECB improves the growth prospects of gold, but strong data on the U.S. labor market, which was released last week points to a further reduction of quantitative easing in the United States. Growth on the stock markets also negatively influences the demand for defensive assets. Despite the decline of interest in gold from investors, we expect growth of the price of the metal in the case of the fall of stock markets.

The price of U.S. benchmark Light Sweet crude oil has grown on background of positive data on the U.S. labor market and the growth of exports from China. Positive statistics of the countries that are major oil consumers, support prices for "black gold". In addition, it became known that the OPEC countries are not going to increase the volume of production. We recall that tomorrow will be held a meeting of OPEC, at which will decide how to compensate the decline in supplies from Libya. We expect a correction in oil prices in the near future and recommend opening short positions.

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