Oil traders seem to have taken a wait-and-see approach in anticipation of G7 leaders’ decision on a new package of sanctions against Russia. There is still a possibility that it will target energy products, including oil.
In the face of ongoing uncertainty, investors prefer to wait for the summit rather than take risks. However, its outcome will be known only on Sunday. So, the market is likely to keep standing still today. On Monday, volatility may surge, triggering some kind of panic among investors. Nevertheless, it is impossible to make any predictions due to uncertainty risks. It all depends on the decision of the Group of Seven wealthy countries.
Leaving aside the local bursts of activity on the trading chart, it can be seen that Brent crude is trading in the sideways range of 74 to 77.50. At the moment, the quote is approaching the upper boundary of the range, which prompts traders to consider its possible breakout. However, a full-fledged signal will be generated only after the price consolidates above the 77.50 mark at least on the four-hour chart. Until then, the asset is likely to remain range-bound.
The dollar’s relentless rise continues to exert pressure on gold, which has fallen to nearly $1,950 per ounce. Although the yellow metal has bounced back slightly, it is far from enough to trim early losses. Given that the greenback’s rally is taking it deeper into overbought territory, the market is clearly looking for a reason to push prices up. Considering the inverse correlation between gold and the US dollar, the metal still has a chance of returning to $2,000 per ounce in the near term.
From a technical point of view, gold prices will extend losses if the quote fixes below the 1,940 mark and speculators ignore an oversold signal.
Meanwhile, the Russian currency continues to stabilize at around 80 rubles per dollar. The focus of traders is now on the G7 summit and potential sanctions. Obviously, this factor will hinder the ruble from finding equilibrium. However, given that the outcome of the summit will be known just at the end of the week, things will hardly change today. Whereas the market will most likely kick off the next week with increased volatility.
That’s all for now. We wish you profitable deals. See you on our channel with a new video in a couple of hours!

00:00 Introduction
00:20 Oil Market Situation and Expectations for G7 Summit
00:53 Brent
01:33 Gold
02:25 USD/RUB
02:57 Conclusion

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