Oil prices made an attempt to advance to the level of $89 per barrel but settled around $88. In general, the situation in the oil market is similar to that in the foreign exchange market. The greenback continues to lose value, which affects all other markets due to their inverse correlation with the US currency.
Brent crude oil futures kicked off the new trading week with gains, hitting a new high of the ascending cycle. The quote touched the level of $89 but then pulled back. Judging by the asset’s phased rally, an uptrend remains intact despite a temporary pullback in the market. If the price rises above the 89 mark, it will most likely break through the resistance level of 90.
Under a bearish scenario, the current pullback may turn into a full-blown correction. Brent crude will resume its slide if the quote fixes below 86.50 at least on the four-hour chart.
A slight retreat from the local high coincided with a similar one in the foreign exchange market. That is, oil follows the broad dollar dynamic. Given that today’s macroeconomic calendar includes preliminary data on business activity, and the outlook for the United States is clearly gloomier than that for Europe, the dollar is expected to extend losses. So gold has every chance of rising above $89 per barrel.
Unlike other trading instruments that saw a slight pullback from their local highs yesterday, gold continued to gain value. This is largely due to the fact that the yellow metal spent the last few trading days standing still, with small attempts to go down. In other words, it is some way behind the currency or commodity markets in the short term. Thus, the current rally is just an attempt to catch up with the others. Gold is likely to extend its bull run, driven by the anticipated gloomy statistics on business activity in the United States. In this case, the metal may surge to $1,950 per ounce.
Later on, gold may rise above the psychological level of 2,000 in case market sentiment remains bullish.
Meanwhile, the ruble remains stable. The dollar is still trading in the range of 68 to 69 rubles, nearing its upper boundary. However, a sustained decline in the dollar will sooner or later have an effect on the Russian currency. Most likely, the trading range will shift to the area of 67 to 68 rubles per dollar this week. It may happen as early as tomorrow shortly after the market mulls over today's preliminary estimates for US business activity.

00:00 Introduction
00:27 Brent
01:14 Crude Oil and dollar
01:45 Gold
02:44 USD/RUB
03:18 Conclusion

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