Commodities Daily - May 29, 2019
> Oil under pressure amid risk aversion and stock market headwinds. This morning, Brent is under pressure from continuing risk-off sentiment in global markets and is on its way toward $69/bbl, its 200-day moving average. The next support levels are $68.33/bbl (the 50% Fibonacci retracement level from Brent's October correction) and $67.27/bbl (the 100-day moving average). Risk aversion is likely to continue taking its toll on oil prices. We expect Brent to settle below $69/bbl later today as a result.> Gold remains in a holding pattern ahead of tomorrow's 1Q19 US GDP release. The dollar began advancing at the US open yesterday, which pushed gold prices lower. This morning, however, demand for defensive assets, including gold, is rising due to new developments in the US-China trade conflict. However, we do not yet see a sufficient basis for a rally in gold. Barring major new statements from either US or Chinese officials, we do not expect gold to push through the $1,290/oz level today.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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