Bitcoin stretches the limits, Gold finds support, Brent not ready for $70 yet


Brent crude stopped its growth. The sharp increase of US oil reserves at the same time with the new weekly production record of 12.2 million barrels/day was bad news for oil, not allowing Brent to consolidate above the 200-day average and stopping its growth in one step from $70. After failing to take important levels, a corrective pullback may well occur.


Gold was in the list of instruments that received short-term support. The precious metal cost is around 1290 from the end of last week. On the intraday charts, we see an increase in purchases from the area of 1285. The weakening of the dollar during recent days is an additional supporting factor. In the case of growth, the levels of 1300 (an important level) and 1308 (MA (50)) can become the short-term goal of a growth impulse.


The cost of Bitcoin for the past day has updated highs since November, exceeding at some point the level of $5300. The 200-day moving average passes through this level. Apparently, many investors in Bitcoin focus on technical analysis to a greater extent than on the news background, so overcoming it from the bottom up can be a significant signal for market participants and will support further purchases. The next buyers target now is the level of $6200, around which the market consolidated from September to November.

Alexander Kuptsikevich, the FxPro analyst

Source: FxPro