Daily Market Analysis and Forex News
2024 Review: AI, Elections, Rates & Records!
- Bitcoin smashes $100k target, peaking above $108k
- US500 posts 57 record highs, ↑ 23%+ YTD
- Gold sees its best year since 2010, gaining over 26%
- FXTM Awards: Best performing assets of 2024
This has been an extraordinary year for financial markets defined by record highs.
The US election, geopolitics, AI mania, and other key themes set the tone. Our market predictions came true despite all the major global events and market shockers!
12 months ago, we picked 3 assets that could see “monster moves”.
Here’s how they performed:
1) Bitcoin hits $100k target
- What we discussed in the 2024 outlook
Our outlook was firmly bullish on Bitcoin due to the hype around the approval of Bitcoin ETFs by January 2024 and halving event in April.
- How things played out
Bitcoin rallied over 70% in Q1 due to the approval of Bitcoin ETFs and Fed cut bets.
After months of consolidation, the prospect of a crypto-friendly US president pulled bulls out of slumber.
Bitcoin surged on Trump’s election win, ending November almost 40% higher that month alone.
The $100k target was eventually hit on Thursday 5th of December as investors cheered Trump’s pick of the next US securities regulator - crypto advocate Paul Atkins.
This pushed Bitcoin’s market value to over $2 trillion with prices peaking at $108,372 on the 17th December. Prices later tumbled following the Fed’s hawkish pivot, trading around $93k on Dec 31st.
- Technical Review
Our technical section initially pointed out $50,000 as a key level of interest with a bullish breakout opening a path toward $69,000 and $100,000.
All bullish targets were hit.
2) US500 dazzles with record highs
- What we discussed in the 2024 outlook
After rallying almost 25% in 2023, we discussed how the bull party could rollover into 2024 with the US presidential elections adding extra spice.
- How things played out
The party certainly continued throughout 2025 with the US500 notching 57 record highs.
Fed cut bets, solid corporate earnings and the A.I mania played a role in the solid upside.
Trump’s election victory in November injected bulls with even greater inspiration.
The prospect of corporate tax cuts and a softer regulatory environment under Trump 2.0 sent the US500 surging almost 6% in November 2024 – its best trading month for the year.
However, prices tumbled in mid-December after the Fed’s hawkish pivot.
The US500 is now up over 23% year-to-date, it's second consecutive year of gains above 20%.
- Technical Review
Back in January, we highlighted how “a strong close above 4820 could open the doors towards fresh the all-time highs”
This target was crushed with prices currently close to the 6000 milestone.
3) Gold delivers glittering returns
- What we discussed in the 2024 outlook
We were bullish on gold due to the prospect of lower US interest rates, a broadly weaker dollar and geopolitics.
- How things played out
Gold gained as much as 35% from the start of the year through end-October, culminating in a fresh all-time high at $2790.2 on the 31st of October.
In the first 10 months of the year, bullion soared amid:
- Fed cut bets, especially the jumbo-sized 50-bps rate cut in September
- A massive bullion shopping spree by central banks
- Rising geopolitical risks, amid ongoing conflicts between Russia and Ukraine, and in the Middle East
However, the precious metal then tumbled for the final two months of the year, on the stronger US dollar following Trump’s election win and the Fed’s hawkish pivot.
Still, the precious metal ended the calendar year with an annual advance of 26%
- Technical Review
At the start of the year, we highlighted how a break above $2147 would open doors to all-time highs.
Gold bulls smashed these expectations with gold peaking at $2790.17, just shy of the psychologically important $2800 line.
And now, without further ado, these were the best performing assets FXTM offered in 2024!
Disclaimer: Infographic data correct as of 20th December 2024.
So, there you have it!
Here is a toast to another incredible year for markets which saw monster moves and record highs.
Trump's return to power among other themes could mean even more action in 2025.
Remember, volatility can provide opportunities!
Find out via our 2025 outlook, which is set to be published on January 2nd, 2025.
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