March 28, 2024

CEX blog. IO | Results of the week (November 23-29): oil quotes about $50, cryptocurrency marketrecovered from the correction

Alexander Yanyuk, financial expert at CEX.IO Broker, comments:

Last week investors continuedfollow the upward trend that began immediately after the US presidential election earlier this month.Positive with the advent of new vaccines has relieved the tension from players on the main financial platforms, despite the fact that the statistics of COVID-19 infection looksBrent crude was trading at $40-45 a barrel on Friday, with black gold at $48.28 on Friday.Most likely, during the current week, Brent will try to test the level of $50 and will moveGold fell to $1,800 per troy ounce and finished last week at $1,788.10.As we have said, in the medium and long term, due to the removal of political and epidemiological risks, the precious metal will be1,700 to 1,750 per troy ounce.In the long term, the collapse of the quotations of the precious metal can be produced against the background of effective vaccination, in which case the gold rate can bereach around $1,500.

On the foreign exchange market, the dollar continued to weaken againstmost currencies. The USD index consolidated below 92, and the EUR/USD pair confidently headed towards the level of 1.2000, which indicates a positive investor mood towards risky assets. The Russian ruble looked rather sluggish against the background of the global weakening of the dollar. Over the past week, the ruble exchange rate has strengthened by a little more than 30 kopecks to 75.86. We maintain a positive outlook on the prospects for the ruble, and believe that in December there is every reason to expect a pre-New Year rally with targets of 72 for USD and 87 for EUR.

Cryptocurrencies demonstrated last weeka real roller coaster. At the beginning of the week, Bitcoin quotes encouraged investors to buy altcoins. The strongest growth among major digital assets was demonstrated by Ripple, which gained 17% over two days. However, as the BTC/USD pair approached the resistance zone in the area of ​​$19,500 - $20,000, the upward movement became increasingly difficult and the sales volume increased. Ultimately, the sharp fixation of long positions in Bitcoin led to a correction, which stopped at $16,235. However, at the end of last week, the BTC/USD rate stabilized at $18,100, which gives hope for a return to previously reached highs for all cryptocurrencies . Ethereum traded at $553 on Sunday.

Asset dynamics for the week (November 23-29):

— Oil rose from $45.08 to 48.28 (+7.10%)
— Gold decreased from $1,869.80 to $1,788.10 (-4.37%)
— The USD/RUB pair fell from 76.19 to 75.86 (-0.43%)
— The EUR/RUB pair rose from 90.36 to 90.73 (+0.41%)
— Bitcoin fell from $18,394 to $18,100 (-1.6%)