Commodities and Cryptos: Brent eyes $60, Gold tries to hold $1800, Bitcoin rallies


Crude prices are rallying as the reflation trade continues and as the COVID situation improves in Europe.  Brent is eyeing the $60 level now that OPEC+ has successfully eased most supply side concerns and optimism on the COVID front improves globally.

Oil was unfazed by the disappointing employment report but did catch a bid once the dollar dropped.  The fundamentals remain solid for crude, but a consolidation seems likely given the recent runup.


Gold prices got a much-needed boost following a disappointing nonfarm payroll report that cemented the need for more fiscal and monetary stimulus.  Gold is trying to hold the $1,800 line and that could be the case if the dollar rebound is over.  The technical selling that is building for gold is significant and could trigger a drop towards the $1,750 level.  Gold is nearing a death-cross but strong longer-term stimulus fundamentals should alleviate concerns that a complete abandonment of safe-havens is upon us.


Bitcoin is rallying after a disappointing jobs report signals more stimulus is likely.  A thorn in Bitcoin’s bullish outlook this year was a rebounding dollar, but that could be over.  Bitcoin is eyeing another run towards $39,000 and if it is successful, momentum trading could easily have prices settle above the $40,000 level.  If retail and institutional interest continues to grow over the next month, Bitcoin could target the $45,000 level.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.