After the G7 summit, the situation with the new package of sanctions against Russia remained unclear, which somewhat eased stress in the energy market. Investors were highly concerned that new restrictions would primarily target energy products as well as include the so-called secondary sanctions.
Notably, secondary sanctions are intended to prevent third parties from purchasing Russian energy, even if they themselves have not joined in these restrictions. Reduced stress instantly led to a drop in oil prices. However, repeated statements by leaders of the Group of Seven nations that they are working on a new sanctions package leave the risk of uncertainty, which limits crude's potential losses.
In the last two weeks, oil has been steadily trading at around $76 per barrel. Moreover, things are unlikely to change in the near future. Whereas the asset will keep moving sideways from $74 to $78 per barrel on different statements and rumors.
Thus, the best way to make a profit is to trade with a view to breaking through one or another boundary of the current range (74/78).
Meanwhile, gold prices have traded downwards for the last couple of weeks, with no pullbacks and pauses. Obviously, the yellow metal has fallen into oversold territory, and the market needs at least a local rebound. To get a strong buy signal, the quote needs to get back above the 2,000 mark. Otherwise, gold is expected to extend losses.
As for today’s macroeconomic calendar, it is bereft of any news releases that could have a severe impact on market sentiment. Coupled with the lack of clear G7 summit results, it contributes to higher gold prices. It means the situation is the same as before the meeting in Hiroshima. Considering that tomorrow’s news is unlikely to bring anything new, gold is expected to continue gaining value.
Generally speaking, the absence of profound insights following the G7 summit reduces the risks of uncertainty for the Russian currency. So, the ruble may well continue to consolidate around current levels achieved after the correction that followed its confident and prolonged rally.
Since the beginning of last week, the dollar has been trading at around 80 rubles. The quotes are currently moving between the levels of 79 and 81 rubles per dollar, in a relatively wide corridor for the Russian currency. However, its recent ranges were about twice as narrow. It means that the range may taper again. The only question is whether it would be 79-80 or 80-81 rubles per dollar. At the moment, given that the dollar is increasingly trading below 80 rubles, the most likely option is the first one.

00:00 Introduction
00:26 Uncertainty in the energy market
01:00 Brent
01:31 Gold
01:57 What's pushing the dollar up?
02:31 Uncertainty risks for the ruble reduced
02:53 USD/RUB
03:36 Conclusion

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