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Denis Sergienko • 2022-10-14

Oil Is Up, Gold Is Down, BTC Is Struggling

Oil Is Up, Gold Is Down, BTC Is Struggling

Market uncertainty keeps investors cautious even with the most trusted and trendy instruments. At this very moment, we can see oil prices pushing, and gold sliding, while Bitcoin keeps struggling to stay on the flow. Let’s have a closer look at what is happening with the top-traded assets.

Oil Is Up

Oil prices keep edging higher at the beginning of the week. Meanwhile, Brent gets farther from $100 per barrel. The situation mainly resulted from the OPEC+ decision to slash output targets by 2 million barrels daily. It will let the organization keep comfortable in the near perspective. However, it seems like OPEC+ is the only one to feel comfortable. Anyone else is unlikely to have the same feeling.

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Gold Us Sliding

Oppositely, gold keeps tumbling down. The gold price has dropped below $1,700 losing 1% of its previous value as a result of outweighing the USD rally that kicked off earlier this week.

What’s more, a resurgent dollar makes the yellow metal lose in price 4 days in a row. This fact brings market participants with dwindling faith featuring monetary tightening.

Growing yields appear to be another factor that puts gold under pressure. The price made another negative move back on Friday hitting the $1,700 low, which made investors worry. If some traders were still enthusiastic in September and early October, they are not now.

BTC Is Struggling

The Bitcoin price has broken back below $20,000 the previous week. However, it keeps struggling although some investors failed to recapture their losses. Despite traders’ enthusiasm, the situation does not seem so bright. The cryptocurrency has been showing steady fluctuation over the last few months. It seems like nothing can improve the situation in the near perspective.