15.07.2015 - Commodity markets will depend on the movement of the US dollar

The gold price approached the level of $ 1,150 per troy ounce and volatility has declined due to the expectation of a vote in the Greek parliament on laws that are necessary for providing the country with the third package of financial aid from the lenders. The failure of the vote will lead to increased demand for the defensive assets like gold. In addition, investors are waiting for the statements of the head of the Federal Reserve Janet Yellen (14:00 GMT). We recall that at the moment the focus of investors is on the Fed's policy and plans of American regulator to raise interest rates. We expect strong price movement in the near future and maintain the medium-term positive outlook for gold.

May 27 of USD Performance

The price of Light Sweet crude oil corrected upwards yesterday after the announcement of diplomats that they have reached an agreement on the nuclear program of Iran, which will lift the sanctions against the Islamic republic, which in turn will increase the excess of supply of oil on the market. This event has already been partially priced in, and after the final signing of the agreement, we expect continuation of falling of oil prices. On the other hand, today, will be published statistics on crude oil inventories in the US (14:30 GMT), the growth of which will lead to a drop in prices. We maintain a medium-term negative outlook on oil, but note a decrease in potential of its reduction.

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