CEX blog. IO | Results of the week (December 7-13): markets stabilized in anticipation of long holidays

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Last week the quotes of mostassets stabilized in the ranges near local highs reached earlier this month.This week is likely to be the last week this year, when more or less strong movements on financial instruments are likely.Traditionally, before the Christmas and New Year holidays on financial platforms there is a "thin market" when the change in prices is minimal due to the lack of large players.

Brent crude oil last week, as we predicted, reached the level of $50 per barrel, however, at the end of the week trading could not gain a foothold above this mark and took the value of $49.98.So far, the level of $50 is an important psychological value, if oil prices manage to break through the resistance zone in the area of $50-52 - in the first quarter of next year it is quite likely to growup to $60.

Gold continued its weak inertial movement within the range of $1,800 - 1,900 per troy ounce.Most likely, we will see any movement of precious metal only at the beginning of next year, as for investors investing in gold, just as a sharp reduction of positions on it, is unlikely.The factor of the state's and economic policy in 2021 remains unopened.So far, market participants are skeptical about the further bullish trend on precious metals.

In the foreign exchange market, the dollar could not returnpreviously lost positions, and, most likely, will not be able to do this until the end of the year. Major currencies such as EUR and GBP have tried to force highs, however, to no avail. The ruble, as we said, headed towards 72.00 against the US dollar, ending last week at 72.95. The euro fell in price to 88.41 rubles over the week. The trend towards strengthening the Russian currency is gaining momentum, however, it should be noted that the growth of the ruble will be limited by the internal capabilities of the Russian economy. The limit for strengthening the ruble against the dollar will be 72, against the euro - 87.

The dynamics of the cryptocurrency market have caused manyinvestors are nervous as Bitcoin suddenly rushes back to below $17,000. However, it is worth noting that investors in the cryptocurrency market are unlikely to dramatize the current situation, viewing it as a technical correction. On Sunday, quotes of the main cryptocurrency rose to $19,100 and are again in close proximity to record highs. Altcoins also repeated the dynamics of Bitcoin: ETH at the end of the week was trading at $591, XRP at 0.51679. In our opinion, the balance of risks is shifting towards the continuation of the upward trend, technical confirmation of which will be the BTC/USD pair breaking through the resistance zone of $19,800 - 20,000.

Dynamics of major assets for the period December 7-13:

— Oil rose from $49.23 to $49.98 (+1.52%)
— Gold rose from $1,841.10 to $1,843.70 (+0.14%)
— The USD/RUB pair fell from 74.06 to 72.95 (-1.49%)
— The EUR/RUB pair fell from 89.79 to 88.41 (-1.53%)
— Bitcoin rose from $19,146 to $19,191 (+0.23%)