Bitcoin has surpassed $60,000 for the first time, it has already given more than 100% return in the year 2021. By the end of December 2020, it was trading just below the $30,000 mark. Thanks to more and more corporates accepting Bitcoin, investors are also showing more interest in the digital currency.

For the year 2021, precious metals like Gold have given negative returns, investors are moving to Bitcoin and considering digital Gold which can beat the higher inflation and give more return than traditional assets like Bond or equity markets.

In the event of an extended bullish scenario, the next important level is $63870, 361.8% retracement level followed by $74664 which is 423.6%. While on the downside, first important support will be at $47260 (261.8% retracement level).


Gold prices recovered slightly last week after it tested $1676 level and managed to close at $1739 spot level. Even though Bond yields are trading at a yearly high, Gold is showing some buying momentum. Investors are showing interest in yellow metal due to its inexpensive price compared to other assets like the Crypto market.

Technically, on a daily chart, MACD has turned positive and is suggesting follow through bullish momentum to continue for the week. On a weekly basis, $1772 will act as the first major resistance which is 127.2% retracement level, above that, the next major level to watch will be  $1858 which is 261.8% retracement level. While on the downside, $1649 will act as the strong support which is 100 SMA and also 78.6% retracement level.

Dollar Index

It was a quiet week for the US dollar Index. After it moved from $90.60 to above $92 a week before, it's showing sideways movement and trading at 23.6% retracement level. Rising bond yield and the announcement of the US economic stimulus package are supporting the price of Dollar Index upside momentum.

If it continues its upside journey, the next important level will be 38.2% retracement level and 50 weekly SMA $93.90 while on the downside,a previous low of $89.20 will provide major support. The market will wait and watch for some important data for the week. On the coming Tuesday there is US Core retail and retail sales data and later on Wednesday the most important event will be the FOMC rate statement and projection for the economy.

Crude Oil

It was less than a year ago when oil prices plunged down into negative territory due to rising supply and reducing demand during the global pandemic. After that, major oil producers announced cuts in the production which helped the oil to recover and now its trading at more than a 2 year high at $66( WTI Oil). Major economists and fund houses are forecasting oil at $80 a barrel for the year 2021. Technically, the outlook for oil looks positive. On the downside, it has a major support near to $60.90 which is 61.2% retracement level while on the higher side, in the long run it might march towards its 3 year high of $76 and higher.

Join over 1 million traders worldwide

Sign up for an account now.


The contents of this article do not constitute trading advice and should be treated as general information only.

Please trade responsibly. For more information about responsible trading please visit:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with