forexCommodities and Cryptos: Crude declines, Gold weakens, Bitcoin follows risk rally

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Commodities and Cryptos:  Crude declines, Gold weakens, Bitcoin follows risk rally

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Oil

Crude prices continue to drop as energy traders realize that War in e probably won't lead to any disruptions of n crude to Europe.  Despite the potential for talks between Moscow and e officials, the situation in e continues to escalate as n forces make a move for e's capital.  Taking over Kiev would be followed by a strong reaction from Western leaders, which should suggest all sanctions remain on the table, including  crude oil and gas.

WTI crude has found tentative support at the $90 a barrel and that could hold given how tight the oil market remains.  Next week, OPEC+ is expected to stick to a gradual output increase strategy of 400,000 bpd in April, which when you factor in they probably won't hit their quota, oil prices should remain supported.

Gold

Gold prices are back below the $1900 level as risk appetite continues to stage a comeback despite a tremendous amount of uncertainty with the War in e. This week was quite the rollercoaster ride for gold prices and while it appears poised to finish the week slightly lower, the need for safe-havens still remains.  Inflation will be a big focal point and the global turmoil that stems from geopolitical tensions should provide added motivation for some investors to hold gold.  Gold should have strong support from the $1875 level.

Bitcoin

Bitcoin is holding up nicely given the midweek plunge that stemmed from panic-selling as risk aversion ran wild following the n invasion of e.  Bitcoin is having a nice rebound, but it might struggle to break above the $40,000 level until crypto investors have a better understanding as to how aggressive the Fed will be with tightening policy.  Bitcoin appears poised to continue to consolidate between the $34,000 and $45,000 level over the short-term.

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Source: Commodities and Cryptos:  Crude declines, Gold weakens, Bitcoin follows risk rally