A steep drop in the dollar, caused by the Labor Department's employment report and warning indicators of a banking crisis in the United States, contributed to higher oil prices.
Nevertheless, oil prices have limited upside potential. After all, the state of the labor market and the bankruptcy of two major banks may eventually lead to a recession in the US economy. This in turn will result in lower energy demand. Thus, oil prices will continue to rise due to an inverse correlation with the greenback but at a modest pace.
Once Brent crude oil futures approached $80 per barrel, the volume of short positions decreased as expected. As a result, the benchmark bounced up by about 2.5%. To resume a downtrend, the quote needs to overcome the 80 mark and then fix below the level of 79 on the daily chart. An upward scenario will be relevant in case the quote rebounds from the $80 level.
The same is true for gold. The only difference is that factors that limit oil prices’ upside potential contribute to an even greater rise in the yellow metal. In the face of a potential banking crisis, gold is increasingly lucrative as a safe-haven asset. Various financial instruments such as stocks and other securities tend to dip sharply amid any banking crisis. In order to avoid huge losses, investors will seek to run for more reliable instruments, including gold. All this paves the way for a rally above $1,900 per ounce. If the situation worsens, the metal will most likely rise up to $2,000 per ounce.
If the price consolidates above the 1,890 mark, the asset will extend gains. In this case, gold will see a gradual recovery.
The Russian currency is the only one holding steady in the current situation. The ruble continues to trade in the range from 75 to 76 rubles per dollar. Given numerous sanctions that have effectively cut off Russian banks from the global financial system, an unfolding banking crisis in the United States cannot spread to Russia. Thus, the market will quietly wait for the upcoming meeting of the Bank of Russia o be held this week. Most likely, the situation with the ruble will remain unchanged until the end of this week.

00:00 Introduction
00:15 Oil price forecasts
00:45 Brent
01:15 Gold
02:11 USD/RUB
02:47 Conclusion

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