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Oil’s OPEC+ hangover, Gold profit-taking, Bitcoin’s moment to shine

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  • Oil’s third weekly gain all thanks to OPEC+
  • Gold down from 13-month high as profit-taking kicks before record highs
  • Bitcoin hovers near recent highs

Energy traders have an OPEC+ hangover as oil prices remain anchored.  It seems WTI crude isn’t going to budge from the $80 a barrel level even as the headlines suggest the US economy is quickly weakening. The outlook for China is still rather optimistic and that could easily send oil prices $5 higher if we start to see that economy pick up.  Some traders are waiting to see if the Biden administration makes a major decision and removes sanctions on Venezuela. The US is running out of options and if they want to see oil closer to $70, they need to seriously consider lifting sanctions. 

Gold

Ahead of the nonfarm payroll report, gold got hit by profit-taking as too much of the trading world was closing up shop for the long weekend. This was a one-way gold move and bullion traders didn’t want to be caught on the wrong side of this trade when the markets reopen next week.  The bull case remains for gold, but traders need to see how the market reset next week. 

Bitcoin

Bitcoin looks like it is waiting for the right time to shine. When a plethora of markets will be closed, we will see if traders will look to take advantage of the one market that trades 365 days a year. Bitcoin remains near the upper boundaries of its trading range and could see a good chance to breach the $30,000 level over the weekend when some of its derivatives are not actively trading. If the NFP report misses massively and supports the idea that the economy is in worse shape, we could see that provide a major boost for crypto.          

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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 TradeTheNews.com, 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.
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