This week has been so volatile both with gold, crypto and oil market, with crypto market still bearish as bitcoin once again touches $66k price levels, Gold rebound to $4600 price levels, as WTI crude closed around $111.56/ barrel.
We will carefully look at the market, this week, price actions and what we hopefully expect to see next week. We will begin with Gold market.
Gold Market Review
After when gold dipped to about $4,000 price levels, weeks back, we had a very strong support at this level, that pushed the price higher by heavy demands absorbing the supplies. price quickly recovered to $4500 territory on the 24/Mar, while sells pressure drove prices down to $4,300 price level. Due to increase in demands than that of supply, a pull back pattern was created, which normally is a sign of more or increased demands underground, absorbing sells and taking price straight to $4700 price level. Gold market closed with prices at $4600 price level.
What I expect to see next week is for gold price to drop to about $4,400 price level, and from there surge to $5,000 price level again. If you are not holding gold at the moment, I thing it's best to buy and hold. Gold will be heading to $10,000 price level.
Crypto Market Review
crypto market has been down all throughout this week, with continuous signs of weakness. I feel maybe the bear season has just begun, offering opportunity for new investors to come onboard. Bitcoin this week failed to break the resistance level at $69k price territory. I mean even at the price, the supply volume at $69k price level printed a large long red candle to the downside at $66k, being a sign of increased supply.
But looking from a 4 hr TF (time frame), I have discovered a pull-back pattern that looks a lot more like double bottom. If this isn't a fake pattern display, then there is a possibility for BTC to surge to $86k price level. Of course if BTC surges to $86k price level, the entire crypto market will be affected by the moves to the upside. Well let's see what happens next week.
Oil Market Review
The oil market closed around $111.56. People keep rushing to invest in oil recently driving prices to the upside. before now, Brent crude (Global Benchmark) was trading at $73 price level, while WTI crude (US Benchmark) was trading within the range of $65 and $70. During the surge, prices went doubled in weeks due to increased demands and fear of scarcity. Brent crude was priced at $119 and WTI was priced at $113 to $114 per barrel. The market closed at $109.
If the demands keeps growing, then there is a possibility for oil prices to reach $150 price level.
guys let see how next week will go. Always trade wisely and do your own research, as none of these suggest investment advice. Happy weekend!