Weekly Market Insights: Gold’s Breakout Potential, Crude Oil’s Decline, and Bitcoin’s Record Surge

Dec 10, 2024

2 min read

Updated December 10, 2024

Key Takeaways

Gold is showing signs of an upward breakout after clearing stop-loss levels, with potential resistance at $2,690 and $2,700.
Crude oil remains bearish despite bullish news from OPEC, with prices likely heading toward the $60–$65 range.
Bitcoin reached a record high of $104,000 and continues its bullish momentum, with potential to rise further.

Gold: Mixed Signals Amid Non-Farm Payroll Data

Gold’s price movement this week was shaped by Non-Farm Payroll (NFP) data. While the data showed a significant job increase, it fell short of market expectations. After a week of sideways consolidation, gold saw a sharp $20 drop in the Asian session, clearing stop-loss levels. This cleared the path for a potential bullish breakout.

Key levels to watch include $2,690–$2,700, which could signal an upward move if breached. However, failure to sustain gains above $2,680 may result in a return to bearish momentum next week, with targets as low as $2,570–$2,560.

Crude Oil: Bearish Trend Despite OPEC News

Crude oil faced downward pressure this week despite bullish developments, including OPEC extending production cuts until 2025 or 2026. While these announcements initially triggered a rebound, prices continued to decline, breaking a three-month low of $66.

The weekly chart suggests crude oil could drop further into the $60–$65 range, establishing a consolidation zone. Traders should be cautious, as market sentiment remains largely bearish.

Bitcoin: Reaches All-Time High of $104,000

Bitcoin hit a record $104,000 this week, driven by strong market sentiment and regulatory news under the Trump administration. Despite some market manipulation causing sharp reversals, Bitcoin’s bullish momentum remains intact.

If Bitcoin breaks $105,000, it could potentially rise toward $120,000, though predicting the next consolidation level is challenging.

Article Sources