Despite weak statistics on US GDP growth, oil managed to post modest gains, rising to almost $88 per barrel. Investors were encouraged by quarterly data, which far exceeded both annual figures and forecasts, as well as an impressive increase in orders for durable goods.
Yesterday's statistics from the United States gives hope that its economy will be able to avoid a recession, and demand will gradually grow. In addition, there are mounting expectations that the US Federal Reserve will soon start easing monetary policy. Against this background, oil may well rise to $90 per barrel, or even higher, by the middle of next week.
According to the trading chart, Brent crude oil futures completed their correction around the level of 85.40 and edged higher. As a result, the quote managed to consolidate above the 87.50 mark. This indicates that market sentiment is mainly bullish. A subsequent increase in the volume of long positions is possible after the price stays firm above the local high of 89.10.
Having risen to $1,950 per ounce, gold quickly retreated to the area of $1,925 per ounce, weighed down by yesterday's macroeconomic statistics from the United States. After all, if the US economy can avoid a recession, investments in the real economy become more profitable than those in safe-haven assets, including gold. Nevertheless, the market is still waiting for the Fed to ease its monetary policy, which in turn will lead to higher yields of each and every financial instrument. This is what is fueling a continued rise in gold prices. Thus, the yellow metal still has a chance of hitting the level of $2,000 per ounce.
The US dollar is holding steady just above the level of 69 rubles. However, this is somewhat surprising, given a broadly weaker greenback. Such strange price behavior can be attributed solely to political factors, which led to a slight decline in the ruble a day earlier. However, these factors will soon take a back seat, with the ruble starting to catch up with other currencies. Fundamentally, the situation has barely changed. The market is still expected to shift to the range of 67 to 68 rubles per dollar as early as next week.
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
00:24 Oil Market Situation
00:51 Brent
01:24 Gold
02:16 USD/RUB
02:59 Conclusion

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