💵 💴 💶Pricing Impact of Trump’s Influence💵 💴 💶

The strengthening of the dollar is making commodities priced in dollars more expensive for international buyers, leading to declines in crude oil and precious metal prices. The crude oil market is experiencing a weak session; Trump’s drilling policies are raising the possibility of increased U.S. supply. Brent oil prices for January delivery are currently hovering around 74.40 USD per barrel. Gold, which surged to record levels throughout 2024 as a hedge against inflation and instability, is also generally declining today. Gold prices (XAU/USD) fell from 2,749.78 USD/oz to a low of 2,701.42 USD/oz.

Bitcoin Reaches All-Time High Amid Trump Victory

Bitcoin surpassed the 75,000 USD mark in the European morning hours as Donald Trump moved closer to securing his place in the White House. The candidate, who presents himself as crypto-friendly, won critical states like North Carolina and Georgia and flipped Pennsylvania in his favor. With Pennsylvania—seen by many as the key to the election—turning towards Trump, Bitcoin (BTC) traded at 74,000 USD. This level is only 1.3% below BTC’s all-time high of 75,363.66 USD. The general digital asset market, measured by the CoinDesk 20 Index, has increased by more than 9% over the last 24 hours.

GLOBAL MARKETS

Mixed trading was observed in the Asia-Pacific stock markets, with investors assessing the effects of Donald Trump’s potential re-election as U.S. president, and focusing on major central banks, particularly the Federal Reserve, which will announce interest rate decisions today. Meanwhile, as Republicans also secured a majority in both the Senate and House of Representatives, there is speculation that significant fiscal spending could begin rapidly. Although three major U.S. indices reached historical highs, strong gains were not observed in Asia. U.S. Treasury yields surged sharply due to the potential rise in the budget deficit, supporting the dollar in achieving its biggest daily gain in more than two years.

Technical Overview

DXY

The Dollar Index (DXY) is strongly recovering at the start of the week, continuing its upward trend. Finding strength at the critical support level of 100.68, the DXY is expected to maintain its upward momentum as long as it stays above this support. Especially as it trades above the 106.68 level, upward movements are anticipated to accelerate. Buyers are observed to be dominant in this area, and the index is likely to advance toward resistance levels.

Resistances: 104.76 / 106.00 / 107.35
Supports: 104.02 / 102.26 / 100.68

BTC/USD

Bitcoin has reached the resistance of the descending channel structure and successfully broke through with significant volume. This resistance zone is crucial for BTC and could open the doors to a new bullish trend in the cryptocurrency markets. If Bitcoin manages to sustain its price above this strategic level, we may see bullish momentum for Bitcoin and other altcoins, triggering a rally that gains traction in the market. Therefore, the current levels represent a critical turning point that should be closely monitored.

Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000

ETH/USD

ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.

Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052

NASDAQ

The index, continuing its uptrend, may accelerate its upward movement if it prices above the 20,635 resistance level. Breaking through this level could push the index towards the upper band of the rising channel structure formed since March 2023. In case of a pullback, two key support levels come into focus: in the short term, the 19,600 level is a significant support zone. For a deeper correction, the 18,400 level serves as a strong buying area, where buyers are expected to step in.

Resistances: 20,635 / 22,400 / 23,000
Supports: 18,913 / 18,670 / 17,200

BRENT

Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.

Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50

EURUSD

EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.

Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080

XAUUSD

Gold surpassed the 2,742 resistance zone, reaching a new all-time high and heading strongly towards the 2,800 level. In this uptrend, the 2,745 level stands out as a key support; as long as gold stays above this level, it could maintain its upward momentum. As it moves towards the 2,800 target, investors should closely watch whether gold continues to trade above this support zone.

Resistances: 2800 / 2850 / 2910
Supports: 2740 / 2690 / 2625

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