Returns on risk interest, Oil prices rise, Gold glides

<h1>Commitments of Traders</h1>
<p>Referring to the CFTC Traders Commitments report for the week ended June 2, net purchases of crude oil futures rose +25,756 contracts to 568,330 for this week. Speculative buying positions surged by +27,938 contracts while sales added +2,182 contracts. For refined oil products, net purchases for gasoline fell -7,832 contracts to 53,080, while net length for heating oil futures added +144 contracts to 2,779.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/06/CFTC.jpg"><img class="size-large wp-image-139010 aligncenter" src="https://analysis.hotforex.com/wp-content/uploads/2020/06/CFTC-1024×329.jpg" alt="" width="696" height="224" srcset="/wp-content/uploads/2020/06/CFTC-1024×329.jpg 1024w, /wp-content/uploads/2020/06/CFTC-300×96.jpg 300w, /wp-content/uploads/2020/06/CFTC-768×247.jpg 768w, /wp-content/uploads/2020/06/CFTC-696×224.jpg 696w, /wp-content/uploads/2020/06/CFTC-1068×343.jpg 1068w, /wp-content/uploads/2020/06/CFTC.jpg 1276w" sizes="(max-width: 696px) 100vw, 696px" /></a>Source : <a href="https://www.cftc.gov/dea/futures/petroleum_lf.htm">CFTC</a></p>
<h3>Details of OPEC + production cuts</h3>
<p>The finalized pact called for collective cuts of 9.6 million barrels per day until the end of next month, while Nigeria and Iraq redeemed their savings deposits with deeper cuts over the next three months. Mexico will not pursue restrictions beyond June, because it is still implementing old plans to revive its oil industry. OPEC+ compliance with the May agreement was 89%, which means it fell by around 1.1 million barrels from the target set in the April agreement, according to commodity data company Kpler. Deductions will be reviewed every month, with the next meeting set for June 18. (formerly:<a href="https://www.aa.com.tr/en/economy/opec-allies-agree-to-extend-oil-output-cuts-by-1-month/1868043#:~:text=Saudi%20Arabia-led%20OPEC%20and,global%20oil%20demand%20and%20oversupply."> OPEC+ production cuts extended for one month</a> (6 June 2020)</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/06/usoil-1.jpg"><img class="size-large wp-image-139030 alignnone" src="https://analysis.hotforex.com/wp-content/uploads/2020/06/usoil-1-1024×461.jpg" alt="" width="696" height="313" srcset="/wp-content/uploads/2020/06/usoil-1-1024×461.jpg 1024w, /wp-content/uploads/2020/06/usoil-1-300×135.jpg 300w, /wp-content/uploads/2020/06/usoil-1-768×346.jpg 768w, /wp-content/uploads/2020/06/usoil-1-696×313.jpg 696w, /wp-content/uploads/2020/06/usoil-1-1068×481.jpg 1068w, /wp-content/uploads/2020/06/usoil-1-933×420.jpg 933w, /wp-content/uploads/2020/06/usoil-1.jpg 1366w" sizes="(max-width: 696px) 100vw, 696px" /></a></p>
<p><strong>USOIL</strong> prices closed at <strong>38.87</strong> last week, with a high price of <strong>39.62,</strong> a little below <strong>61.8%</strong> which would be a barrier to price increases in the low average price range of <strong>42.00.</strong></p>
<p><strong>Gold futures fell to two-month lows</strong> as the US labor market rebounded unexpectedly in May, increasing interest in risk assets. August Comex Gold (XAUUSD: CUR) fell -2.5% to $1,683.50/oz, and settlement around the current level will be the lowest for the most active contract since April 3; July silver (XAGUSD: CUR) fell -2.9% to $17.54/ounce.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/06/gold-1.jpg"><img class="size-large wp-image-139040 aligncenter" src="https://analysis.hotforex.com/wp-content/uploads/2020/06/gold-1-1024×461.jpg" alt="" width="696" height="313" srcset="/wp-content/uploads/2020/06/gold-1-1024×461.jpg 1024w, /wp-content/uploads/2020/06/gold-1-300×135.jpg 300w, /wp-content/uploads/2020/06/gold-1-768×346.jpg 768w, /wp-content/uploads/2020/06/gold-1-696×313.jpg 696w, /wp-content/uploads/2020/06/gold-1-1068×481.jpg 1068w, /wp-content/uploads/2020/06/gold-1-933×420.jpg 933w, /wp-content/uploads/2020/06/gold-1.jpg 1366w" sizes="(max-width: 696px) 100vw, 696px" /></a></p>
<p>Meanwhile spot gold last week closed at <strong>1684.13</strong> after touching the FE 100.00 level at a low range of <strong>1670.56.</strong> The release of the minor support <strong>1670.15</strong> allows the price to test <strong>1650.00.</strong> On the upside, <strong>1700.00</strong> is still a parameter. Downwards bias looks more dominant after forming patterns A, B, C.</p>
<p><strong>Click </strong><a href="https://www.hotforex.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access the HotForex Economic Calendar</strong></p>
<p><strong>Ady Phangestu</strong></p>
<p><strong>Analyst – HF-Indonesia</strong></p>
<p><strong>Disclaimer:</strong>This material is provided as general marketing communication with the aim of information only and not as independent investment research. This communication does not contain investment advice or recommendations or requests for the purpose of buying or selling any financial instrument. All information presented is from trusted, reputable sources. All information that contains indications of past performance is not a guarantee or a reliable indicator of future performance. The user must realize that all investments in Products with Leverage have a certain degree of uncertainty and that all investments of this kind involve a high level of risk for which the obligations and responsibilities are solely borne by the user. We are not responsible for losses arising from any investment made based on information provided in this communication. Reproduction or further distribution of this communication is prohibited without our prior written permission.</p>