Gold has strongly appreciated upon the rally of Eurodollar and after reaching the forecasted level has approached the higher border of the current channel. If it manages to surpass this level, short term outlook for the Gold is to reach 1345 – 1355 USD. Such outlook for the Gold price would agree with a long-term depreciation of the US Dollar.
Crude Oil continued an uptrend and after reaching the forecasted level, it surpassed the upward border of the current channel. A short term outlook for the commodity is to continue the current trend and reach 65.00 – 66.00 USD with a possible retest of the border. Crude Oil might see some difficulties to appreciate further due to the forecasted growing supply from non-OPEC members in 2018.
As forecasted, USDRUB continued a downward movement and after reaching the forecasted level is approaching a psychological level of 56.00. Short term forecast is to reach a level of 56.00 – 56.40 and to start a new uptrend. Current appreciation of the Russian Ruble may be explained by the higher prices of the Crude Oil.
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