Oil continues to trade in a relatively tight range. This is largely due to the lack of news or data having a direct impact on the energy market. Factors with a lagging effect are mixed. All this prevents investors from deciding on the asset’s further direction.
However, this cannot last long. As soon as some news comes, the market will immediately move. The longer the market is standing still, the less significant the news driver will be able to budge the market.
Brent crude oil futures added about 10.5% to settle at $77.40 per barrel as part of a correction from the psychological level of $70. Then the volume of long positions decreased, signaling that the correction phase was probably over. If the price fixes below the 72 mark, the benchmark will most likely hit a new low of the medium-term downtrend. However, if the correction continues and the quote returns above the level of 77, the asset will extend gains.
Gold has not yet been able to overcome the level of $2,000 per ounce. The quotes once again pulled back to the mark of $1,970 per ounce. This is largely due to a relative lull in terms of fundamental factors. Nevertheless, global risks remain high. That is, gold still has every chance of rising above $2,000 per ounce, at least in the medium term.
Meanwhile, the Russian currency continues to trade in the range of 76 to 77 rubles per dollar. At the same time, an attempt to break through the lower boundary of this channel indicates the waning influence of the factors contributing to a lower ruble. Whereas the factors acting as a driving force behind its growth are permanent and will gradually support the Russian currency. Thus, the ruble is expected to move into the range of 75 to 76 rubles per dollar in the medium term.
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
00:23 The oil market is waiting for news
00:40 Brent
01:18 Gold
01:49 USD/RUB
02:25 Conclusion

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