Oil:
Oil has been trading below $90 a barrel for a few days now, retreating from as high as $493 a barrel late last week. Still, if we take the past two months, oil prices have risen more than $10 a barrel even though most analysts can agree that there is noticeably low demand from two of the world’s largest oil consumers, the US and china.
Today oil inventories will be published, showing an expected decline of 0.1 million barrels. It is important to stress that the past two inventory counts were largely below expectations, keeping oil prices at high levels.
Another announcement today will regard housing starts in the US. Analysts are expecting positive news this month from real-estate in the US that would also contribute to the price of oil.
Gold:
Gold had a slightly positive session yesterday and is still looking for direction in a very stiff junction level between $1570 and $1590. In the last hour of the US trading session yesterday, the commodity received a burst of energy after a post in the Wall Street Journal stated the Fed will probably act soon. On the whole, the markets reacted in a positive manner as was expected, creating a repetitive call to Fed executives to act again as they have done in the past three years.
ECB and IMF officials will meet Greek politicians over the coming week in order to discuss the results of austerity measures results in Greece. The outcome of these meetings will reflect highly on the monetary union in the EU and will likely push the markets upwards in the near future. The US, unlike a few years ago, will now have to pay attention and synchronize its monetary policy with that of Europe.