Markets Steady as Bitcoin Hits $90K, Gold Rebounds

• Dollar Steady Amid Light Data Calendar

• Bitcoin Hits $90K While Momentum Slows

• Gold Gains on Safe-Haven Demand as Oil Declines

Market Summary

Bitcoin surged past $90,000, with a 30% rally since the U.S. election and the crypto market cap exceeding $3 trillion. However, momentum has slowed as investors digest earlier gains. Meanwhile, gold prices rebounded on renewed safe-haven demand driven by trade and political uncertainties, providing support despite pressure from higher Treasury yields.

The Dollar Index held steady as markets priced in U.S. election outcomes, with attention shifting to upcoming U.S. economic data, including housing figures, weekly jobless claims, and Friday's PMI reports. These updates could reveal corporate sentiment and insights into potential trade tariffs under President Trump, shaping the economic outlook.

Current rate hike bets on 18th December Fed interest rate decision:

Source: CME Fedwatch Tool

0 bps (32.2%) VS -25 bps (67.8%)

Market Movements

DOLLAR_INDX, H4

The Dollar Index remained largely unchanged as investors have fully priced in U.S. election outcomes and await fresh drivers. The upcoming U.S. economic calendar is light, featuring housing sector data (building permits, existing home sales), weekly jobless claims, and manufacturing and services PMI reports on Friday. The PMI data could provide early signs of corporate sentiment regarding potential trade tariffs proposed by President Trump. Investors will closely monitor these updates for insight into the broader economic outlook.

The Dollar Index is trading lower following the prior retracement from the resistance level. MACD has illustrated diminishing bullish momentum, while RSI is at 50, suggesting the index might extend its losses since the RSI retreated sharply from overbought territory.

Resistance level: 107.00, 107.80

Support level: 106.20, 105.65

XAU/USD, H4

Gold prices rose in early Asian trading as investor focus shifted back to the metal's safe-haven appeal following a period dominated by the U.S. Treasury yields and election-driven dollar strength. Uncertainty surrounding potential aggressive tariffs under President Trump and ongoing political risks have renewed interest in gold. While the metal faces headwinds from higher yields, safe-haven demand could provide support in the coming weeks.

Gold prices are trading higher following the prior rebound from the support level. MACD has illustrated increasing bullish momentum, while RSI is at 50, suggesting the commodity might extend its gains since the RSI rebounded sharply from oversold territory.

Resistance level: 2605.00, 2660.00

Support level: 2525.00, 2525.00

BTC/USD, H4

Bitcoin surged past the $90,000 level, posting a 30% gain since the Nov. 5 U.S. election, with the crypto market cap exceeding $3 trillion for the first time. Bitcoins rally reflects its growing appeal as a speculative asset, now rivalling the combined market cap of Tesla, Meta, and Berkshire Hathaway. However, momentum is slowing as investors digest prior bullish news. Traders should keep an eye on fresh developments for further price movements in the highly volatile crypto market.

BTC/USD is trading flat while currently hovering around the resistance level. MACD has illustrated diminishing bearish momentum, while RSI is at 55, suggesting the crypto might extend its gains after breakout since the RSI stays above the midline.

Resistance level: 94000.00, 100000.00

Support level: 84705.00, 77130.00

CL OIL, H4

Oil prices are trading lower while currently testing the support level. MACD has illustrated increasing bearish momentum, while RSI is at 35, suggesting the commodity might extend its losses after breakout since the RSI stays below the midline.

Resistance level: 68.45, 69.95

Support level: 66.90, 65.60