Market Wrap: Bitcoin Nears $100K, Gold and Crude Oil Stay Bullish

Welcome to Friday! TGIF!

Market wrap 

An overnight session where commodity currencies and cyclical index futures outperformed, although there was some love for long duration assets with gold and bitcoin continuing to grind higher. Bond markets were muted reflecting the quiet calendar scattered with second-tier releases. It’s likely to remain that way into Thanksgiving next week.

Looking ahead, Japanese inflation figures for October will be in focus in Asia, although it’s unlikely to move USD/JPY without a meaningful surprise, while flash PMI reports for November are likely to receive plenty of attention at the start of the European session.

Here are the markets that caught my eye.

Bitcoin

Source: Trading View

Bitcoin is closing in on $100,000, with spot and futures markets hitting fresh record highs above $98,000 on Thursday. Technically, it remains in an uptrend, supported by bullish RSI (14) and MACD signals. Rising futures volumes bolster the case for further gains despite RSI's overbought status—a condition that hasn’t deterred the cryptocurrency from delivering strong gains in the past.

For now, buying dips is the preferred strategy, as long as the uptrend from early November holds.

Gold

Source: TradingView 

Gold delivered another solid session Thursday, breaking above its 50-day moving average—a bullish development that strengthens the case for further gains. RSI (14) is trending up, and MACD is on the verge of confirming the bullish signal.

The 50DMA now acts as a potential level for building long positions, allowing for entry above with a stop beneath for protection. On the upside, August’s former uptrend support around $2700 could present resistance, followed by $2710 and  therecord highs. If a reversal occurs, $2643.50 is the first downside target.

Crude Oil

Source: Trading View

Crude continues to build on the bullish momentum from this week’s engulfing candle, with Thursday’s session clearing minor resistance at $69.75 before stalling at the 50-day moving average. RSI (14) and MACD both point to further upside, though lighter volumes is a slight concern.

For bulls, buying ahead of $69.74 with a stop beneath provides a setup targeting $72.65—where prices previously stalled. Waiting for a clear break of the 50DMA before committing is another option for tighter risk management.

ASX 200 SPI Futures

Source: Trading View

ASX 200 SPI futures remain a buy-on-dips play, with price, RSI (14), and MACD all trending higher. Overnight, the bounce from 8310 suggests a morning star pattern may form if these levels hold through Friday.

With record highs just 60 points away, pullbacks toward 8310 offer an appealing entry point for longs, allowing for stops to be placed below for protection. 

EUR/USD

Source: Trading View

EUR/USD remains frustrating for bulls, consistently failing to hold potential bottoms. Wednesday’s evening star pattern combined with geopolitical risks to break support at 1.0517, pushing the pair to fresh 2024 lows.

The bearish trend remains intact, and selling rallies remains the preferred play. Below 1.0448, support is sparse until 1.0222, making big figures likely targets for shorts. 

-- Written by David Scutt

Follow David on Twitter @scutty

How to trade with City Index

You can trade with City Index by following these four easy steps:

1. Open an account, or log in if you’re already a customer 
   
   • Open an account in the UK
   • Open an account in Australia
   • Open an account in Singapore
   
   
2. Search for the market you want to trade in our award-winning platform 
3. Choose your position and size, and your stop and limit levels 
4. Place the trade