Global markets closed the week under continued pressure from the energy factor and geopolitical uncertainty. Oil remains the dominant driver across asset classes, while central banks are becoming more cautious as rising energy prices risk feeding inflation in Q2 2026. At the same time, markets are shifting focus toward incoming macroeconomic data. Flash PMI releases, US durable goods orders, and inflation indicators later in the week may significantly influence expectations for growth and monetary policy.
By the close of trading on Friday, March 20, key instruments were near the following levels: EUR/USD – 1.1537, Brent – $112.19, Gold – $4,574.90, Silver – $69.66, bitcoin – $70,736, Ethereum – $2,146. These levels serve as the baseline for the coming week.
EUR/USD
The EUR/USD pair ended the week at 1.1537, holding above key support despite a late-week pullback. The pair remains within a short-term bullish structure. During the week, the pair traded within a range between 1.1410 – 1.1616, reflecting a balance between euro strength and safe-haven demand for the US dollar.
The nearest resistance levels are located near 1.1580 and 1.1620. A breakout above this zone may open the way toward 1.1660 and 1.1700. Support levels are seen near 1.1500 and 1.1450. A breakdown below this area could lead to a move toward 1.1410.
Baseline view: bullish while EUR/USD remains above 1.1450, with a likely retest of 1.1580 – 1.1620.
Brent Crude Oil
Brent closed the week at $112.19, continuing its strong upward movement driven by supply risks and geopolitical tension. The weekly range remained extremely wide at approximately $99.50 – $119.10, highlighting elevated volatility and sensitivity to news. Resistance is located near $113.20 and $119.10. A breakout could push prices toward $122.00 – $125.00. Support levels are seen near $108.50 and $105.00. A deeper correction may extend toward $100.00.
Baseline view: bullish while Brent remains above $105.00, though the market appears overstretched and prone to sharp pullbacks.
Gold (XAU/USD)
Gold ended the week at $4,574.90, after a sharp correction from highs above $5,000 earlier in the week. The weekly range was exceptionally wide at approximately $4,480 – $5,049, reflecting strong volatility and mixed safe-haven flows. Resistance levels are located near $4,695 and $4,735. A recovery above this area may target $4,850. Support is seen near $4,480 and $4,450. A break below could open the way toward $4,350.
Baseline view: neutral-to-bearish while gold remains below $4,695, with downside risks prevailing unless resistance is reclaimed.
Silver (XAG/USD)
Silver closed the week at $69.66, under pressure following a highly volatile trading period. The weekly range expanded to approximately $65.55 – $82.76, confirming instability and sensitivity to both industrial demand expectations and broader risk sentiment. Resistance is located near $72.90 and $74.60. A breakout may push prices toward $77.60. Support levels are seen near $67.75 and $65.55. A breakdown may extend toward $63.00.
Baseline view: bearish while silver remains below $72.90, with downside risks still dominant.
Bitcoin (BTC/USD)
bitcoin ended the week at $70,736, continuing to trade within a consolidation range. The weekly range remained relatively contained at $68,800 – $71,600, indicating a pause in directional movement as the market awaits new catalysts. Resistance levels are located near $71,400 and $73,300. A breakout above may lead to $75,500. Support is seen near $69,400 and $68,800. A break below could open the way toward $67,000.
Baseline view: cautiously bullish while bitcoin holds above $69,400, but a breakout above $73,300 is needed to confirm momentum.
Ethereum (ETH/USD)
Ethereum closed the week at $2,146, showing relative stability compared with broader crypto volatility. The weekly range was approximately $2,102 – $2,232, reflecting consolidation after recent declines. Resistance levels are located near $2,176 and $2,230. A breakout may lead to $2,300 – $2,350. Support is seen near $2,118 and $2,100. A breakdown may extend toward $2,050.
Baseline view: neutral-to-bullish while Ethereum remains above $2,100, with confirmation of growth only above $2,230.
Conclusion
The week of March 23 – 27 is likely to remain highly sensitive to oil price dynamics and geopolitical headlines, which continue to dominate cross-market sentiment. At the same time, incoming macroeconomic data may begin to shift attention back toward growth expectations and inflation risks as Q2 approaches.
In this environment, markets may remain volatile and directionally unstable, with sharp intraday moves across commodities, currencies, and cryptocurrencies. Oil and gold are likely to remain key sentiment indicators, while EUR/USD and crypto assets will continue to react to shifts in risk appetite and US dollar demand.
Overall, the baseline scenario suggests continued elevated volatility with a slight bullish bias in risk assets, provided key support levels hold. However, any escalation in geopolitical tensions or unexpected macro surprises could quickly reverse current trends.
NordFX Analytical Group
Disclaimer: These materials are not an investment recommendation or a guide for working on financial markets and are for informational purposes only. Trading on financial markets is risky and can lead to a complete loss of deposited funds.
