Gold Reaches $2000 on Ukraine Tensions. Brent Crude Price Gap into $130s.
Welcome to this week’s Market Blast Fundamentals.
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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at USDRUB, Brent Crude (UKOil), Gold (XAUUSD), EURGBP and EURUSD.
Last week the US Non-Farm Payrolls produced an excellent number, indicating that the world’s largest economy is healthy, however, the war in Ukraine is driving the markets.
Gold reached $2000 this morning and more bad news may just drive it higher as the world is putting more pressure on the Russian economy.
The US is now talking about banning the import of Russian crude oil which sent the price of Brent Crude into the $130s and, again, more bad news on the supply of Crude will send it higher.
The next-door neighbour of the Ukraine/Russia war is Europe, of course, and supply and logistics problems are driving inflation which is making the Euro very weak.
We have to look at the weekly chart on EURGBP, for example, to see where price action has broken this key level of support at £0.83.
This level was key over two years ago.
This may put pressure on the European Central Bank to raise Interest Rates this week, but many analysts fear that the situation is so severe that even this won’t help.
And, of course, the Russian Ruble is getting even weaker.
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