16.11.2021: Oil, gold, RUB continue to rise on political instability - Brent, USD/RUB, GOLD

Описание: Yesterday, in late trading, oil began to recoup its recent losses. The oil market advanced after European Central Bank President Christine Lagarde said that inflation would remain fairly high until at least the middle of next year. Investors regarded her words as a policy of non-interference. This means that Europe will hardly take measures to tame inflation, and the United States may follow suit. Today, however, oil prices have entered a correction. This could not but affect the ruble and gold.
Earlier, oil prices were rising amid the lack of the US government's statement about its intention to start releasing from the Strategic Petroleum Reserve the market was waiting for. However, in the early session, the quotes reached the resistance level of $83 and started to pull back. Now oil prices may well slide up to 81-81.5 dollars per barrel. In general, analysts are confident that Brent crude will correct between the levels of $81 and $83 per barrel amid certain statements or economic reports.
Even amid the oil market’s correction, the ruble has a chance of recovering. The dynamics of the currency are now mainly driven by politics. Thus, until policymakers turn words into deeds, the Russian currency is likely to continue stabilizing. The migrant crisis on the Belarus-Poland border has not yet led to sanctions against Russian companies. Against this background, the ruble exchange rate returned to the area of ​​72.60 rubles per dollar. Further, the currency is expected to gain in value slightly, since apart from politics, there are no factors capable of provoking a decline in its value yet. The focus is still on the migrant crisis and the actions of Brussels. While there are just statements but no decisions, the Russian currency is likely to advance.
Global uncertainty continues to boost demand for gold. Fluctuations in the foreign exchange and commodity markets, rising inflation, as well as the hazy future of monetary policy make the precious metal attractive to investors. The main safe-haven asset lures market participants with its reliability and resilience in times of crises and, therefore, continues to gain in value. The desire of investors to acquire the asset fuels demand. According to analysts, the precious metal may reach the level of $1,900 per troy ounce in the near future.
Thus, gold futures have been moving in the range of $1,855 - 1,875 per troy ounce for more than 72 hours. The market seems to be gaining strength before a rally to the target of $1,900.
The fact that the governments of different countries take no decisive steps to counter rising inflation and tackle the migrant crisis contributes to a further rise in the value of assets. The market continues to drive the trading instruments up. Well, that's it. Subscribe to our channel, watch new video reviews, and leave comments.

00:00 Oil returns positions
00:33 Brent
01:08 USD/RUB
01:55 Gold
02:45 Outcome

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