› Market review, December 26 - December 29, 2017

Market review, December 26 - December 29, 2017

EUR / USD

Last week was the period of the high volatility.
First of all, the main weekly driver was the GDP report, and the adoption of the US tax reform.
Autumn hurricanes in America struck economy and brought a lot of damage, that the American insurance companies had to cover, and in their turn they took necessary funds from banks, the balance of the latter could adversely affect the result of the report.
At the end of last week, the "separatist" party (as it is called by the Spanish authorities) in the parliamentary elections in Catalonia, won the majority of seats in the parliament.
Out of 135 possible places, the party for independence took 70 seats, thus ensuring its leadership and advantages in adopting important bills.
This current situation can seriously affect the stability of the euro economy, as well as the interest of investors in the shelter assets.


Market review, December 26 - December 29, 2017


Gold

It took a little more time for gold to reach the price, which we predicted earlier.
Over the past week, gold went up by 1.44%.
One of the reasons for this was the weakening of the US dollar due to the uncertain situation with the US tax reform.
Expectations and rumors caused more excitement than its immediate adoption, but as you know, events of this kind have a long-term impact on the market and the economy.
As for the next week, when the level reaches 1276, there is a high probability of corrective rollback to lower levels.
In addition, due to holidays, the trade on the market will be rather sluggish and it is unlikely that significant leaps can be expected.


Market review, December 26 - December 29, 2017


Bitcoin

It is difficult to ignore the crypto currency in general, and bitcoin in particular.
The events of this week have already been dubbed "the biggest fall of crypto assets in history" or even "a bloody waterfall".
Of course, such a fall can not but cause interest, however, as well as record growth before this.
According to many analysts, nothing unpredictable happened and many traders and investors expected this huge correction.
But those who said that Bitcoin is just a bubble, rub their hands, claiming that they had predicted everything for a long time.
Who will be right - time will tell, but there is a high probability that after a huge period of volatility, bitcoin will finally stabilize and its movement will become less chaotic.
At the moment, bitcoin is trading around $ 12,200, near an important resistance level at $ 11,600. The fastening below this level will open the way for further decline. If bulls on the market can create a positive push, then we can talk about opening positions up from the $13,600 level.


Market review, December 26 - December 29, 2017


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