Oil Steadies, Gold Plunge, Bitcoin Under Pressure
2022.09.19 04:59
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It’s was another volatile week for prices, with global growth fears dampening the demand outlook but OPEC+ sitting in the background ready to respond if prices drop too far. remains above $90 at the moment which may stop the alliance from calling one of the emergency meetings it warned of, but if growth fears continue to rise, that may change.
A knockout blow
broke below $1,680 on Thursday and has been heavily under pressure since, falling close to $1,650 before finding some support. The yellow metal was already facing strong resistance above, failing to break through $1,730 even when the market was front-running a softer inflation reading and the data appears to have delivered the knockout blow. With more tightening now priced in, the near-term outlook is challenging.
Bitcoin under pressure
As some suggested, the Merge appears to have become a “sell the fact” event and is potentially getting dragged lower as well. Of course, broader risk appetite has also taken a big hit recently, so that is probably strongly contributing to the move. With the price back below $20,000 once more, the focus may shift back to the June lows after a brief recovery last week.
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