23.11.2021: Gold weighed down by stronger dollar - Outlook for Brent, USD/RUB, GOLD.
Hi, everyone! Following a protracted rally, oil and gold prices entered a correction. This severely affected the Russian ruble. Its rate is highly dependent on oil prices. In this video review, we will tell you about the current situation in the oil, gold, and foreign exchange markets, as well as share our vision on the events awaiting us in the near future. Brent crude oil is gradually losing value. Currently, the benchmark is trading at the level of $78.90 per barrel. Investors are dragging oil prices down in anticipation of a potential Strategic Petroleum Reserve release. Reuters, citing a source from the US administration, said that US President Joe Biden might announce its decision to start releasing reserves from the Strategic Petroleum Reserve with a view to reducing energy prices as early as November 23. Therefore, the most likely scenario for today suggests a further decline in prices from $79 to $78 per barrel. Amid market expectations of a possible release of crude from strategic reserves, the Russian currency is also losing ground. The ruble slid to the 75 mark, a level not seen for several months. Moreover, it has every chance of extending losses, dropping to 75.20 rubles per dollar today. Besides, the Russian currency is being weighed down by the tense political environment, the stronger greenback, and the threat of new sanctions against Russia, which could hurt big companies in the country and its exporters as well. Gold, previously regarded by many investors as a safe-haven asset, is now losing value amid the higher US dollar index. Today, in global markets, gold prices have reached the level of $1,800 per ounce. By the late session, it may drop by another $5-10, experts predict. However, such a sharp decline could trigger a correction. In this case, the quote will most likely return to about $1,810 per troy ounce. For now, nothing indicates that oil will resume its bullish run. Today’s macroeconomic calendar includes important statements and statistics on this matter. We will talk about them tomorrow. Thank you for watching! Subscribe to our channel and leave comments. See you!
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