Commodities and Cryptos: Crude’s great week, Gold extends losses, Bitcoin rebounds

<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2F20220128%2Fcommodities-cryptos-crudes-great-week-gold-extends-losses-bitcoin-rebounds%2F&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2F20220128%2Fcommodities-cryptos-crudes-great-week-gold-extends-losses-bitcoin-rebounds%2F&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2F20220128%2Fcommodities-cryptos-crudes-great-week-gold-extends-losses-bitcoin-rebounds%2F&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><p>Oil</p>
<p>Crude prices have been on fire, rising for a sixth straight week as the demand outlook improves and over geopolitical fears could lead to severe production disruptions. The supply side continues to support a tight market as OPEC+ is expected to stick to their plan of increasing output by 400,000 bpd in March, even though their compliance last month only hit 60% of plan.</p>
<p>Now that $90 oil is here, it won’t take much to get prices to $100 and that will just intensify the global energy crisis.  News of an Omicron subvariant have not rattled markets as boosters appear to still be getting the job done.</p>
<p>WTI crude settled near session lows after the weekly Baker Hughes rig count data rose by 4 rigs to a total of 495.</p>
<p>Gold</p>
<p>Gold’s pain may last a little longer until the Fed’s aggressive pivot with tackling inflation is fully priced in.  The $1,800 level was a key support level for gold, so momentum selling has the potential to make this an interesting trade.  If it gets ugly quick and $1760 breaks, gold may not see much support until $1720.</p>
<p>Bitcoin</p>
<p>Bitcoin is embracing Wall Street&#8217;s risk-on mood as it continues to form a base.  The all-clear signal has not been given, but crypto traders are embracing the relative calm that is being seen with the top cryptos.  Bitcoin may form a broadening formation between $34,000 and $40,000 next week.</p>