06022024 Markets stabilize after dollar rally Outlook for oil gold RUB

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While the dollar is on a triumphant march in the currency market, it is on the verge of a correction in the commodity market. After all, oil prices have held relatively steady despite a steep rally in the US currency. • Brent crude oil futures halted their slide at around 76.50 dollars per barrel. As a result, short interest decreased, leading to a slight rebound. To resume a downtrend, the quote needs to stay firm below the 76 mark. Until then, the bullish correction will remain intact, allowing the asset to regain some ground. • However, such a market behavior hardly stems solely from the situation in the Middle East, especially in the absence of any dramatic changes in this respect. Stable oil prices are most likely related to the dollar’s overbought status. Therefore, a rebound is inevitable. In the short term, oil may well rise above the 80 dollars per barrel mark. • The situation is the same for gold. However, one should not expect its return to 2,040 dollars per ounce today. Its bullish run is likely to be limited by statistics from Europe, which are expected to be rather gloomy. A steady rally in the yellow metal will probably begin tomorrow and continue through the end of the week. • Speaking of the Russian ruble, the dollar failed to consolidate above the 91 mark. The US currency returned to the range of 90 to 91 rubles despite its broad rally in the currency market. Moreover, given its impending correction, the greenback may well extend losses and shift to the range of 89 to 90 rubles per dollar. • That's all for now. We continue to follow developments in the financial markets. Subscribe to our channel and follow the news with us. See you soon! • 00:00 Introduction • 00:18 Brent • 00:44 Oil Market Situation • 01:14 Gold • 01:42 USD/RUB • 02:10 Conclusion • https://www.instaforex.com • FX Analytics - https://www.instaforex.com/forex_anal... • Forex Calendar - https://www.instaforex.com/forex_cale... • Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv • Forex charts - https://www.instaforex.com/charts • Instant account opening - https://www.instaforex.com/fast_open_... • Forex Trading Contests - https://www.instaforex.com/forex_cont... • List of official InstaForex blogs: • / instaforex • / instaforex • / instaforex • #commodity_market #oil #instaforex_tv

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