GOLD
The current bullish scenario leaves little space for investors to add gold to their portfolios as, despite the weakening of the US Dollar, fund managers are trying to get quicker results jumping on stocks rather than betting on safe havens with the price of gold falling both yesterday and in early trading today as a result.
The main trend still appears positive for bullion, but in the short term it is continuing its lateral movement between $1,700 and $1,750 and is waiting for new market movers before taking a new clear direction.
OIL Risk-on is still the main story on stocks markets as investors are betting on a quick recovery of economies. This scenario, in conjunction with expectations for an extension of the cut by OPEC, is lifting oil. Moreover, the API released figures yesterday announcing a modest but surprising draw of half million barrels in the week ending May 29th. The whole scenario remains supportive for oil, although volatility will quickly return if the global economy starts to show any signs of weakness.
