Futures showing heavy volatile in either direction of movement for gold and silver prices ....bearish in control.............now the best thing to analyse oil price movement follow the report below
The U.S. Secretary of State Hillary Clinton said "significant differences" remain over Iran`s nuclear program following two days of talks in Baghdad. More talks will take place in Moscow June 18 and 19, and she added "As we lay the groundwork for these talks, we will keep up the pressure as part of our dual-track approach.
All of our sanctions will remain in place and will continue to move forward during this period. Iran now has the choice to make: will it meet its international obligations and give the world confidence in its intentions or not?"
You might see that this disagreement between world powers and Iran should push crude more sharply to the upside, but when you look at yesterday’s fundamentals and how the commodity rose slightly unlike the whole market which dropped significantly, then you can imagine how these talks were helpful for crude assisting it to halt the downside wave which was targeting much below the current levels.
Yesterday’s data was totally negative and has intensified the pressure on the whole market, as Europe released a bunch of disappointing figures signaling that the contraction is deepening amid the debt crisis which hit the economy, and Euro leaders haven’t yet announce more active measures to support the economy and fight the crisis.
Even the Asian economies are struggling at the current time due to the negative impact from the debt crisis that weighing on the global economy. As China showed signs of weakness in its manufacturing sector amid declining exports.
In general, the door will remain open for crude whether to the upside or to the downside, heavy volatility is expected to dominate the market and a strong correlation between crude and the dollar will show today as the economic agenda is almost empty and investors will look for developments from Europe.