Weekly Market Research: Gold Drops, Tesla Rallies, Bitcoin Hits New High
Gold
- Gold price fell 1.8% for the week, pressured by a stronger dollar and market reaction to Donald Trump's election victory.
- Although the Fed cut rates slightly, speculation about slower cuts under Trump’s policies, along with weakened physical demand in India, contributed to gold's decline.
XAUUSD (H4). Despite election-related pressure, gold still has the strength to reach its supply zone. However, the trend has shifted from a retracement to a full reversal.
Tesla
- Tesla shares surged 8% Friday, pushing its market cap past $1 trillion, driven by investor optimism about Trump’s presidential win and anticipated benefits from relaxed regulations.
- Analyst Dan Ives noted that Tesla could gain a competitive edge without EV subsidies and with potential tariffs limiting cheaper Chinese EV imports to the US.
- TSLA (Daily). Due to the election impact, the stock has made a significant gap up. We see potential pullback to test the 270.00 level, where former resistance could act as support.
Bitcoin
- Bitcoin hit $80,000 for the first time, as investors continued to digest the implications of a second term for President-elect Donald Trump
- Analysts suggest Bitcoin could reach $100,000 by early 2025 due to Trump’s pro-crypto stance and expected regulatory changes.
BTCUSD (Daily). During the election, Bitcoin surged by $5,000 and now is hitting another all-time high. The bullish momentum is strong, with potential buying opportunities on market dips.
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