By the end of trading on Friday, January 30, EUR/USD closed at 1.1850, Brent crude oil settled near $69.32 per barrel, gold (XAU/USD) finished the week at $4,763.10, while bitcoin (BTC/USD) is trading near 83,724 as of Saturday, January 31. Market sentiment remains mixed after the heightened volatility seen at the end of January, and the coming week may bring further corrective movements across key asset classes.
EUR/USD
The EUR/USD currency pair ended the week near 1.1850, continuing to correct after an earlier upward move. The pair remains within a consolidation structure, while moving averages still indicate a bullish medium-term trend. In the upcoming trading week, EUR/USD may attempt a decline toward the 1.1825 support area. From this level, an upward rebound and renewed growth are expected, with a potential upside target near 1.2135. An additional signal in favour of growth would be a rebound from the support line on the relative strength indicator (RSI). A breakout below 1.1680 would cancel the bullish scenario and indicate a continuation of the decline toward 1.1545.
Baseline view: cautiously bullish while EUR/USD holds above 1.1825.
Bitcoin (BTC/USD)
Bitcoin is trading near 83,724, remaining within a bearish correction channel after last week’s sharp decline. Moving averages continue to point to downward pressure, indicating that sellers remain dominant. During the upcoming week, BTC/USD may attempt a corrective rebound toward the 85,600 resistance area. From there, a downward rebound and continued decline are possible, with a potential target near 77,500. An additional signal supporting the bearish scenario would be a rebound from the resistance line on the RSI. A strong rally and a breakout above 91,500 would cancel the bearish outlook and open the way for growth toward 103,500.
Baseline view: bearish below 88,500-91,500.
Brent Crude Oil
Brent crude oil prices ended the trading week near $69.32 per barrel and continue to move within a descending channel. Moving averages indicate a bearish trend, despite short-term stabilisation. In the coming week, Brent may attempt to develop a bullish correction and test the resistance area near $70.80-72.20. From this zone, a downward rebound and a continued decline toward $63.55 are expected. An additional signal in favour of further downside would be a rebound from the resistance line on the RSI. A breakout above $79.75 would cancel the bearish scenario and indicate continued growth toward $85.65.
Baseline view: bearish while prices remain below $72.20.
Gold (XAU/USD)
Gold closed the trading week at $4,763.10, following a sharp corrective decline from record highs. Despite the pullback, XAU/USD continues to trade within a broader bullish channel, and long-term moving averages still indicate an upward trend. In the upcoming week, gold may attempt to continue the correction and test the $4,575 support area. From this level, an upward rebound and renewed growth are expected, with a potential target above $5,205. An additional signal supporting the bullish scenario would be a rebound from the bullish trend line on the RSI. A breakout below $4,155 would cancel the bullish outlook and indicate a deeper correction toward $3,735.
Baseline view: bullish while gold holds above $4,575 - 4,680.
Conclusion
The first week of February may remain volatile after the sharp end-of-month moves. The baseline scenario assumes EUR/USD will try to stabilise above key support and resume growth if buyers defend the 1.1825 area, while bitcoin stays fragile below major resistance and remains prone to renewed selling pressure after corrective rebounds. Brent may attempt a pullback from resistance before the next directional move, and gold is likely to stay in a wide range as the market digests the latest correction, with $4,575 acting as the nearest pivot level for the week.
NordFX Analytical Group
Disclaimer: These materials are not an investment recommendation or a guide for working on financial markets and are for informational purposes only. Trading on financial markets is risky and can lead to a complete loss of deposited funds.
