Hello friends, we have reached the end of the weekend, you and I can tell that this week has been so good of volatility. Thanks properly that I have not been going long or short on futures these days, I mean, it's definitely not a time for that, but I have been busy accumulating assets through DCA, thought my portfolio hasn't experienced an increase in value yet, but I'm sure it definitely will. Well, let's get to the topic of the day.
So I've been looking at gold market, oil and crypto today, begin from the weekend opening to the closing. And we want to take a good look at how the market has been doing.
Looking at gold first, it was pretty much all over the place this week. Between big economic news and talk about central bank interest rates, prices were getting pushed around a lot. Early on, gold took a bit of a hit as investors moved money elsewhere, pulling prices down around the $4,000 to $4,040 an ounce mark. But every time it dropped near that key $4,000 floor, buyers came right back in to pick it up. Thanks to central banks still buying and people wanting a safe spot for their cash, gold managed to stay defended around $4,028 before the week ended.
Now, crude oil was where all the real action happened. Right from the opening bell, oil prices started marching higher because of geopolitical tensions, tight supply, and unexpected inventory numbers. Brent crude even briefly touched the $100 a barrel mark before settling back down around $96.78, while WTI crude traded around $89.31 a barrel by the close. When oil shoots up like that, everyone starts worrying about gas prices and inflation again. Even though some traders sold off near the end to lock in quick profits, oil still finished after quite a dramatic run.
As for crypto, it gave us the usual wild ride of fast price jumps and choppy sideways movement. Bitcoin spent most of the week bouncing back and forth between $64,500 and $65,800, trying to break out higher but getting knocked back down whenever liquidity dried up. Ethereum was in a similar boat, floating mainly between $1,860 and $1,920. All the headlines and options expirations kept short-term traders on edge, wiping out leverage left and right. But patient spot buyers kept stepping in to buy the dips, keeping the overall support levels intact.
so, that's all for today, as we look forward to what the market has for us next week. Bye for now
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