Oil rally capped, Gold finds its pre-FOMC decision range, RFK Jr talks Bitcoin

  • EIA Report showed Cushing stockpiles declined most since October 2021
  • Fed rate cut bets for December 13th FOMC meeting rise to 24.0%
  • Bitcoin bulls nervous a US ETF launch could trigger a similar Bitcoin futures collapse


Crude prices tentatively rose but gains were capped as Russian exports are expected to rise and as the EIA report posted disappointing demand figures. Oil was steadily rising over the past few weeks on expectations that Russia and the Saudis would keep this market tight.  Russia’s refined cargoes are rising and appear to be heading towards a 3-month high.  The Kremlin might not be motivated to live up to their export pledge, especially considering Russian military efforts are intensifying.  The attacks on Ukraine’s Black Sea coast signals a significant escalation in the war, which might motivate the West to put more pressure on the main buyers of Russian oil. 

The oil market might remain tight but the lack of Russian compliance with oil exports might mean Brent crude won’t be able to extend much higher from the low-$80s. 


Gold’s rally is ready for a break as the dollar strengthens despite rising expectations for the Fed to deliver one last rate hike next week.  The UK inflation report signaled disinflation is happening globally and that should provide some short-term dollar strength. Gold is going to struggle here if the dollar stages a minor comeback and if earnings season keeps the US stock market winning streak going. Gold is trying to form its pre-FOMC decision trading range and that might end up being $1970 and $2000. 


Bitcoin continues to waver around the $30,000 level as traders await any Bitcoin ETF updates.  Some attention is shifting towards Democratic Presidential Candidate Robert F. Kennedy Jr. He has suggested that he could support backing the dollar with a little bit of Bitcoin.    

He said, “My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin…. Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity”  

Kennedy’s stance on crypto does not seem like it will be adopted by most presidential candidates, but it does open the debate going forward.  Every commitment by any key official is a positive step for further crypto adoption.

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.

Ed Moya

Latest posts by Ed Moya (see all)

  • Market Insights Podcast – Powell struggles to deliver a hawkish hold – 1 November 2023
  • Fed React: USD/JPY softer after Fed fails to deliver hawkish hold – 1 November 2023
  • EUR/USD: Dollar wavers on slower pace of Treasury Refunding Sales and mixed labor data – 1 November 2023
Please follow and like us:
Tweet 20
Leave a Reply

Your email address will not be published. Required fields are marked *

Free Worldwide shipping

On all orders above $10

Easy 30 days returns

30 days money back guarantee

International Warranty

Offered in the country of usage

100% Secure Checkout

PayPal / MasterCard / Visa