The dollar remains steady against the Euro this week. But the same cannot be said for oil and the price of gold. The dollar continues to lose against the precious metal, which is setting new records day after day. And oil is about to reach $100 levels, as Russia has promised after becoming the real OPEC+ leading country. Since both economies on both sides of the Atlantic are sufficiently vulnerable to contemporary challenges, the dollar and euro will continue to weaken, respectively. What is seen from technical analysis is that Euro/Dollar will continue in the 1.0770 - 1.0870 consolidation for about a week, after which we expect a break out of these levels. World-Signals.com recommends a narrow trade at the levels around 1.08 with target exits up to 40 pips from the opening point.

Russia's problems are the main factor driving oil prices higher. The many attacks on key oil infrastructure are affecting the exports of the Russian Federation. Despite the sanctions, Russia remains the world's main exporter of oil, either directly or through intermediary countries. On the other hand, the upcoming elections in the United States are the reason why oil did not jump too much on the stock market. The price of oil in the United States affects all commodities, and the price of fuel is one of the key factors in winning the upcoming election. Therefore, Biden and his administration will do everything possible to keep oil prices stable until at least November of this year. Any spikes in the price of oil will be short-lived, as a deviation above $90 will negatively affect the campaign for the most important election in the United States. The bad news for Biden, however, is that the levers to control the price of oil are now outside the United States, even outside its allies. And this could lead to an easy jump in the price of oil to $90 and above $90 levels in the next few months according to world-signals.com analysis.

In the last week, the inflation data influenced the significant growth of gold. Along with gold, investors are turning their attention to cryptocurrencies and especially Bitcoin. The last record in the price of gold is from December 4, 2023. Gold was then trading at $2,144.55. Gold added over $70 to its price today, making it the highest it has been this year. Gold is currently trading at $2,117 levels, having almost touched $2,120 and is very likely, as we claim from world-signals.com, to approach or surpass the December 2023 record high.