The news that about 400,000 barrels a day of exports via the Turkish port of Ceyhan have been halted in recent days because of the standoff between Iraq, the semi-autonomous Kurdistan Regional Government, and Turkey, has made investors nervous. This dispute is unlikely to resolve soon. Saudi Arabia has asserted the need to maintain the current OPEC+ agreement on crude supplies in 2023. A recovery in global oil demand is still fragile, especially in the face of the recent banking turmoil.
Thus, oil has been trading in the range of $78 to $80 per barrel for the fourth day in a row. For now, there are no driving factors that could budge it. According to the trading chart, there are some attempts to break through the lower boundary of the range. This signals that market sentiment is mainly bearish.
Nevertheless, investors remain optimistic about a recovery in China's economic activity.
If the price returns to the 80 mark and consolidates above it, the volume of long positions will increase. In this case, oil is expected to rise further to the level of 85. However, if the price falls below 77 on the four-hour chart, the asset will most likely edge down.
Likewise, gold remains relatively stable. The yellow metal continues to drift in the range of $1,950 to $1,975 per ounce. The difference is that it is сlearly attempting to overcome the upper boundary of the range. This can be attributed to persistent global risks, which primarily include purely economic ones. This makes gold more attractive as a safe-haven asset. Thus, the metal still has great upside potential. Gold prices are likely to rise above $2,000 per ounce, while the current situation can be regarded as a short break.
Meanwhile, the ruble has been trading sideways for quite some time. The situation is very similar to that of oil. The US dollar has been seeking to break above the 77 mark, the upper boundary of the range (76-77). This means that most market participants anticipate the ruble losing ground.
Bearish sentiment is being fueled both by ongoing interventions by the Ministry of Finance and an imminent monetary policy easing by the Bank of Russia. However, the steps taken by the Ministry of Finance aimed precisely at weakening the ruble to the 75 mark have already borne fruit. So, the agency may well announce a gradual reduction in the volume of foreign exchange market interventions in the near future. This in turn will help the Russian currency correct to the level of 75 rubles per dollar.
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
00:45 Brent
01:39 Gold
02:29 USD/RUB
02:53 What can we expect from the Ministry of Finance?
03:30 Conclusion

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