Weekly Market Insights: US Dollar Rises, Gold Diverges, and Bitcoin Soars

Updated November 26 , 2024

Source: TradingView.com

US Dollar: Strong Breakout

The US Dollar Index climbed to 108.09 this week, confirming its upward trend. The weekly chart shows continued strength, with a midweek breakout that aligns with last week’s predictions.

Gold: Unusual Moves with Potential Upside

Gold demonstrated rare behavior, rising alongside the US dollar. Starting with a rebound on Monday near 2,650–2,660, it showed strong midweek momentum supported by ETF repurchases. Key levels to watch are 2,672 and 2,700—a close above these could signal continued gains, while a drop below may point to a bearish reversal.

Crude Oil: Narrow Range Amid Geopolitical Tensions

Crude oil traded within a narrow $4 range this week, with low volatility due to geopolitical factors. Escalating tensions in the Russia-Ukraine conflict, including missile attacks and US policy changes, influenced its restrained movement. While this range is tradable, crude oil’s future depends on further developments in the conflict.

Bitcoin: Persistent Bullish Momentum

Bitcoin extended its bullish streak, supported by upward-moving averages and expanding Bollinger Bands. Traders have increased their targets to $120,000 as Bitcoin leads the cryptocurrency market. With eight consecutive months of bullish candlesticks, Bitcoin continues to attract investors seeking alternatives to traditional safe-haven assets.

Outlook

This week’s market activity highlights a mix of opportunities and risks. The US Dollar and Bitcoin are firmly in bullish trends, gold shows potential for gains if key levels hold, and crude oil remains shaped by geopolitical events. Traders are encouraged to stay informed and leverage TradingLink’s tools to navigate these dynamic markets.