July 25, 2021

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

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Last week, investors continued follow 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.

In the foreign exchange market, the dollar continued to weaken againstmost currencies. The USD index consolidated below 92, while the EUR / USD pair steadily headed to the 1.2000 level, which indicates a positive sentiment of investors 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 appreciated by a little more than 30 kopecks to 75.86. We maintain a positive outlook for the ruble and believe that there is every reason to expect a pre-New Year rally in December with targets of 72 for USD and 87 for EUR.

Cryptocurrencies last week demonstrated a real roller coaster.At the beginning of the week, bitcoin quotes encouraged investors to buy altcoins.The strongest growth among the major digital assets was shown by the rip, which for two days added 17%.However, as the BTC/USD pair approached the resistance zone in the region of $19,500 to 20,000, the upward movement was becoming more difficult and sales increased.In the end, the sharp fixation of long positions on 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 giveshope for a return to previously achieved highs on all cryptocurrencies.Ethereum was trading at $553 on Sunday.

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

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