Gold
Stock markets collapsed, and Japanese stocks at one point surpassed their fall on Black Monday in 1987, as fears of a recession in the United States prompted investors to get rid of risky assets. Despite the fact that gold is traditionally a safe haven asset, in moments of collapse, its prices can also drop sharply along with the entire market. This may be due, among other things, to the fact that traders are forced to liquidate, in addition to unprofitable ones, their profitable positions in order to cover margin requirements for other assets. The volatility of gold, in this case, may signal the level of panic in the markets.

Technically, the sales zone above the $2,450 level, which remained relevant, as we wrote on Friday, against the background of the global collapse of the markets, served as the starting point for a new drop in the asset. The next local target on the way to the lower limit of the range will be the $2,350 level zone.

Oil
On Friday, Brent and WTI fell by more than 3%, marking the fourth consecutive week of losses — the longest series of falls since November. Oil prices continued to decline during the volatile session on Monday, amid concerns about a recession in the United States.

The quotes easily overcame the weak level of $74.50 and fell to a really strong zone starting below the $73 mark. To make purchasing decisions, it is necessary to monitor the dynamics of quotations in this zone and the development of events in the information field.