Today Overview of the financial Market
Am writing on how the war has affected the financial market.
Global stock prices fell Thursday while bonds, oil and precious metals surged as Russian President Vladimir Putin's decision to order a military attack on Ukraine weighed heavily on global markets. It is the largest military strike on European soil since World War II. Russian military vehicles entered the Kiev region. Russian troops also advanced from the east through the two separatist regions and attacked several Ukrainian cities, including the capital, with missile strikes and airstrikes. The Ukrainian army's infrastructure, especially to defend airstrikes, has suffered very heavy damage. The dollar and yen strengthened, while the euro and commodity-linked currencies weakened.
The ruble hit a record low against the USD. Crude oil and natural gas (especially European gas) surged on potential risks to Russian energy exports, with Brent futures trading as high as $105 per barrel and WTI above $100. Bitcoin also dropped. I Will write on why bitcoin drops during war. The conflict will cause economic damage that will be severe, especially in Europe, and may lead to European economies falling into stagflation, i.e., no or very slow growth combined with sharply rising prices (= high inflation). We see a rising demand for safe havens, gold reached its highest level since September 2020. The situation remains very volatile, as Western powers are likely to take harsh retaliatory measures. Meanwhile, China remains neutral, rather pro-Russian, and does not recognize any invasion.
The price of gold dropped massively from 1970 to 1913 which in essence is disastrous to any trader without a stop loss.
For gold I expect an upward movement to 1970 as it is currently trading at 1923 and USOIL is presently trading at 96.75
My heart goes to Ukrainians may the Almighty protect you
We need peace in the world and not war.