Most metals and energy carriers gained in price in the morning after Goldman Sachs announced that its experts considered some commodities undervalued.
This is the 3rd favorable day for gold as investors are still concerned about the Greek debt problem and its possible impact on the EU economy. Greece strives to meet all the conditions of the $154B loan. The opposing Greek parties are against the government’s tough austerity measures.
Gold contract for June delivery has recently gained $7.90 and is being traded around $1523,30/oz. Silver has just gained $1.2 up to $36.128/oz. the market of silver is relatively small and consequently less volatile.
Goldman Sachs’ report says that some commodity prices fell by 10% from April’s highs, which makes the commodities attractive for investors. The bank experts expect the prices on numerous commodities (including gold and crude oil) to grow further.
Goldman Sachs, J.P. Morgan and Morgan Stanley expect crude oil to gain in price this year.
How can the Euro-zone problems affect the Euro currency rate? According to the Department of studying Masterforex-V trading system , the mid-term perspectives of EURUSD look as follows:
Up:
- EURUSD keeps retracing against the bearish wave Ан4 1,4345-1,3969 within the framework of а(С)/Сd2;
- Ам30 1,3969-1,4069
- в(С) will be cancelled if pivot 1,4230 and Sc are broken
Down:
- Ан4 1,4345-1,3969;
- Once pivot and SC are broken the trend will be continued
- 1,3969 = hidden FZR H4.
