The price of gold has dropped to critical levels 1170 dollars per troy ounce against the publication of statistics on US GDP for Q1. Thus, according to final data, the country's economy for the period decreased by only 0.2%, against the previous estimate of a 0.7% fall. Today, the demand for gold showed moderate growth on the background of the lack of results in the negotiations between Greece and creditors. Today, the negotiation process will continue. In addition, we should pay attention to the statistics on the labor market and personal income and consumer spending in the US (12:30 GMT). Our medium-term outlook for gold remains positive and downside is significantly reduced.
The price of Light Sweet crude oil fell after the release of statistics on inventories of crude oil and petroleum products in the United States. Thus, crude oil inventories fell by 4.9 million barrels to 463.0 million barrels, the highest rate in a given period of the year for 80 years. Analysts had forecasted a decline of 1.8 million barrels per day. It is worth noting that gasoline inventories rose by 0.7 million barrels per day. Further movement of prices will depend on the statistics on personal income and consumer spending and the labor market in the US (12:30 GMT). We expect a continuation of the consolidation of the price within the range 59,25-61,70 per barrel in the near future. Rising volatility is forecasted to the end of the month against the background of negotiations on Iran's nuclear program, according to an agreement that will lead to the lifting of sanctions on Iran's oil exports and falling oil prices. Our medium-term outlook remains negative.