The prospect of a broader banking crisis in the United States that will inevitably affect all sectors of the economy, limits oil prices’ upside potential, despite a weaker dollar. What is more, it paves the way for their decline.
If the US financial sector really faces a full-fledged crisis accompanied by a deep recession, oil demand will decrease significantly. Joseph Biden’s comments only added to these fears, since he did not answer a single question and shed no light on the government’s possible steps to avoid this crisis. Thus, oil prices will most likely remain under pressure in the short term.
Against this background, Brent crude oil futures fell below $80 per barrel. If the price fixes below $79 on the daily chart, a subsequent shift in market sentiment will lead to a deeper dive.
As for gold, the current situation comes in handy. The yellow metal has already crossed the mark of $1,900 per ounce and is likely to extend gains. Probably, today's data on inflation in the United States will act as a driving force. If inflation does slow down in line with forecasts, this will give the green light for the Federal Reserve to resort to money printing. In this case, the greenback will go down. This in turn will affect the yield of dollar-denominated bonds. The only way to stay protected from such a prospect is to flee to gold. This is indeed what we are witnessing. Moreover, this process seems to be far from over.
From a technical point of view, the market is pretty overbought in the short term, but speculators continue to ignore this signal. If the price consolidates above the level of $1,900, gold will edge higher and probably hit a new local high of the medium-term uptrend.
Meanwhile, the Russian currency is standing still. The only change is that the price has shifted to the lower boundary of the range limited by the levels of 75 and 76 rubles per dollar. Notably, the ruble even tried to move up to 74 rubles per dollar, supported by a broad decline in the dollar. This suggests that the ruble has every chance of gaining upside momentum. Most likely, this will happen following the meeting of the Bank of Russia, which is expected to maintain its key interest rate unchanged.

00:00 Introduction
00:20 Will there be a crisis in the USA
00:46 Brent
01:00 Gold
02:13 USD/RUB
02:52 Conclusion

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