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19.11.2021: Uncertainty grips oil market - Outlook for Brent, USD/RUB, GOLD.
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The situation in the oil market is extremely uncertain. In today's video, you will find out how far oil prices have fallen and whether they have been able to withstand pressure from the United States and China. Besides, we will analyze the dynamics of gold prices and key assets for the near term. To keep up to date with the latest news, subscribe to our channel and watch video reviews! In fact, the commodity market is still turbulent. Oil prices continue to trade under pressure from the statements of US President Joe Biden and Chinese leader Xi Jinping. Brent crude is currently drifting in a range between the levels of $80 and $82 per barrel. In the early trade, the benchmark edged higher but then collapsed. Analysts believe that Brent crude will drop to $80 and then start moving sideways. If the price breaks below this level, it is likely to tumble to $78. Yesterday, ahead of the US jobless claims report, the Russian currency started to decline against the greenback. As a result, the ruble fell to 73.20. Today, it has every chance of approaching the level of 73.40 rubles per dollar. However, the level of 73.55 rubles per dollar acts as resistance. Thus, the Russian currency will reach it sooner or later. Apparently, gold’s upside potential is exhausted. It seems that its bullish momentum that pushed the precious metal up from $1,760 per troy ounce has already fizzled out. In fact, there are no major changes and the main safe-haven asset is returning to the mark of $1,860. Gold prices are expected to remain near this level for a while, at least until the market situation stabilizes. The previous trading day did not bring any surprises. Gold futures have been moving sideways for the fifth day in a row. The asset is drifting between the levels of $1,850 and $1,877 per troy ounce. Obviously, this indicates the accumulation of speculative bets. In this situation, the best way to make a profit is to use a breakout strategy, analysts believe. Well, amid the lack of new driving factors, trading instruments are stable. Subscribe to our channel and leave comments. See you!
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