Market participants are mulling over the outcome of the Fed’s meeting. The regulator raised the federal funds rate by 25 basis points, and Jerome Powell failed to calm the market due to incoming risks. Against this background, the dollar lost value across the entire board.
The risks of a deep recession and a broader economic crisis are growing, which threatens energy demand. This explains crude’s modest gains compared to other financial instruments as well as indicates a potential decline in quotes.
Markets are also pricing in signs of falling demand in the world's largest economy. Data showed that US crude oil inventories unexpectedly surged by 1.1 million barrels last week to their highest level since May 2021 as a decline in crude stocks at the Cushing, Oklahoma, storage hub was offset by an increase on the Gulf Coast. However, the oil market remains optimistic about the outlook for China, the world's largest crude oil importer. According to the IEA, global oil demand is expected to rise by 2 million barrels per day this year.
From a technical point of view, Brent crude oil futures are still in a correction from the level of $70 per barrel. The asset has already added nearly 10%. In case the price consolidates above 76, the benchmark will most likely extend gains. Alternatively, a return below 74.50 may signal that the correction is over.
Meanwhile, gold keeps trading upwards. Rising risks and, most importantly, fears of a possible financial crisis make gold increasingly attractive. Investors continue to cut their holdings of various financial instruments and shift their focus to safe-haven assets. Given growing concerns about the dollar, market participants have no choice but to flee to the yellow metal.
Against this background, gold came close to $2,000 per ounce again. This time, the metal has every chance of overcoming this obstacle.
Gold futures resumed their bullish run, gaining about 1.5%. If the uptrend remains intact, the asset will most likely approach the 2,000 mark and even break through it.
At first glance, the ruble was the only one that ignored the outcome of yesterday's Fed meeting. This came as no surprise as the market was already closed. Today, the dollar/ruble pair has tried to go below 76 rubles per dollar. Most likely, these efforts will prove successful, and the market will shift to the range of 75 to 76 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
00:23 Risk of recession
00:40 Oil Market Situation
01:26 Brent
01:53 Gold comes to the fore
02:24 Gold Quotes
02:49 USD/RUB
03:18 Conclusion

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