The price of gold continues to consolidate above the $ 1,150 per troy ounce. Investors did not rush to accumulate positions before the Fed'sstatement on monetary policy, as well as the publication of economic forecasts from the Fed. In case of a fall on the stock markets or worsening geopolitical situation, the demand for gold will rise. The Greek crisis will affect the quotes of the yellow metal in the coming months. Potential of reduction in the price of gold is limited by the levels of production costs at levels 1000-1100 dollars per troy ounce. We maintain our medium-term positive outlook for gold, but admit the possibility of reduction of quotations in the near future.
The price of Light Sweet crude oil continues to fall against the background of statistics on the growth of oil production by 1.3 million barrels per day compared to the same period of the last year. At the moment, the volume of global production is 94 million barrels per day. In addition, negative for oil remain negotiations on Iran's nuclear program, which can lead to a weakening of sanctions and increased oil exports. Analysts fear that the capacity for the storage of oil in the US will be fully used, resulting in a sharp fall in oil quotations. We expect a continuation of the downward movement of the price of oil and recommend holding short positions.