Oil prices kicked off the trading week with huge losses. The reason was the statement of US officials who shifted the blame for a steep rise in inflation to high energy prices. To lower them, Washington suggested releasing crude from the Strategic Petroleum Reserve. As a result, oil prices dropped dramatically. Probably, the oil market will recoup losses in the future, but obviously not so fast and not all of them. The key players are clearly not interested in a resumed rally in oil prices. The United States, Russia, and Saudi Arabia are more likely to try to bring them down. Well, we'll see. Watch our review until the end and you will learn a lot of interesting things. Against this background, Brent crude oil continued to lose ground. So far, the quote has stalled at around the level of $81.30 per barrel. Analysts expect the benchmark to drop to $80.5 per barrel as this level acts as an important boundary and support. Probably, around this mark, buyers will try to gain strength and stop a drop in oil prices for a while. However, the previous projections suggesting $90-100 per barrel are unlikely to come true this year. What do you think? Leave comments! As for the foreign exchange market, the ruble extended losses. The Russian currency is currently trading under pressure from a number of factors, especially politics. The migrant crisis on the border between Belarus and Poland has a major impact on Russia as well. Europe is threatening to impose sanctions on Russian air carriers, while Minsk is threatening to cut off its transit of gas supply to Europe. All this directly affects Russian companies and therefore the ruble. However, over the weekend, the confrontation-based rhetoric of Minsk and Brussels has become more peaceful. As a result, the Russian currency gained slightly to 72.30 rubles per dollar. At the same time, due to falling oil prices, the ruble may slide again, pulling back to 73 rubles per dollar. Its upward correction is possible only after oil prices stabilize and the Belarus-European Union border crisis is resolved. Meanwhile, this period of uncertainty in the markets has a positive effect on the main safe-haven asset. Gold continues to gain in value. The higher the uncertainty over the future US inflation rate, the more attractive the precious metal seems to investors. Against this background, a trend change is unlikely. The asset is expected to keep growing, at least until the December meeting of the Federal Open Market Committee. The closer it gets to the meeting, the higher the value of the precious metal will be. Gold futures started the new trading week with a fresh local high, but this did not lead to dramatic changes. Currently, the trading instrument is standing still at around $1,861. In this case, the best way to make a profit is to use a breakout strategy. If the price falls below $1,840 per troy ounce, gold will most likely extend weakness. In case the price overcomes the level of $1,865 per troy ounce, gold is expected to resume its bullish run. Here is the forecast for the beginning of the trading week. As you can see, while oil and the ruble are suffering losses, gold is enjoying mounting gains.

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