On Thursday (December 26), the dollar index slightly retreated to 108.09, while gold gained safe-haven support at $2,619. Azerbaijan Airlines flight J2-8243 crashed in Kazakhstan, resulting in 38 fatalities, with shrapnel marks on the rear fuselage, and Ukrainian officials accused Russia of shooting down the plane. Bitcoin is once again challenging $100,000, staging a classic December rally alongside the U.S. stock market.
Azerbaijan Airlines major air disaster event. Ukrainian officials: Russia shot down the passenger plane.
Reuters reports that Azerbaijan Airlines flight J2-8243, traveling from Azerbaijan to Russia, deviated hundreds of miles from its planned route and crashed on the opposite shore of the Caspian Sea. Russian aviation regulators stated that the accident may have been caused by a bird strike. However, an aviation expert indicated that this cause is unlikely.
Officials did not immediately explain why the plane flew over the sea, but the crash occurred after Ukrainian drones attacked the southern Russian region of Chechnya earlier this month, and the nearest Russian airport along the flight path was closed on Wednesday.
Kyiv has not yet acknowledged that it launched an attack on the plane's destination, the Chechen city of Grozny, this month. Azerbaijani President Ilham Aliyev stated that according to the information he received, the plane changed its route due to bad weather, but he added that the cause of the crash is unclear and a thorough investigation must be conducted.
The well-known financial blog ZeroHedge quoted a Breaking Aviation News & Videos post: 'A video shared on social media shows shrapnel marks on the rear fuselage of the plane, but there is currently no official statement confirming that Azerbaijan Airlines flight J2-8243 was shot down or fired upon.'
Andrei Kovalienko, director of the Ukrainian National Security and Defense Council's Center for Countering Disinformation, claimed that the passenger aircraft was attacked by Russian air defense systems as it approached Grozny. He hinted that someone was trying to 'cover up' evidence, including obvious damage visible on the aircraft wreckage.
Kovalienko stated: 'Russia should have closed the airspace over Grozny, but it did not. The plane was damaged by the Russians and was sent to Kazakhstan instead of making an emergency landing in Grozny to save lives.'
Turkiye Today reports that his allegations match the physical evidence at the crash site, including extensive damage to the aircraft fuselage from shrapnel, and survivors claiming there was an explosion outside the plane. Passenger Subhonkul Rakhimov previously reported that an explosion occurred during the third attempt to land in thick fog, and shrapnel holes appeared on his life jacket.
The incident occurred while military activity was highly active in southern Russia, with nearby Ingushetia and North Ossetia confirming drone strikes. Flight tracking data shows that the Embraer 190 jet deviated significantly from its planned flight path before crashing near Aktau, Kazakhstan.
Gold technical analysis
FXEmpire analyst Arslan Ali stated that gold is showing a moderate upward trend. Prices are approaching the critical pivot point of $2,621.54, which is crucial for determining the next move. If gold can break this level, it may test immediate resistance at $2,652.23 and has further upside potential to $2,687.27.
On the downside, support is at $2,587.60, and if it falls below this level, the next support is at $2,560.19. The 50-day moving average is at $2,620.20, aligning with the price, while the 200-day moving average is at $2,640.73, indicating a generally bearish outlook unless gold can break the pivot and maintain momentum above $2,621.54.
Bitcoin technical analysis
CoinTelegraph points out that Bitcoin bulls are trying to trigger a 'December rebound' by pushing the price back above the psychological level of $100,000, but higher price levels may attract sellers. According to CoinGlass data, Bitcoin rose nearly 2% in December, but it needs to make more effort to catch up with last December's increase of 12.18%.
On December 24, Bitcoin surged sharply from the 50-day simple moving average of $94,608, indicating that bulls continue to strongly defend this level.
Buyers are trying to push the price above the 20-day exponential moving average of $98,387. If they succeed, it indicates that the correction has ended. Bitcoin may rebound to its historical high of $108,353.
Conversely, if the price drops significantly from the 20-day moving average, it indicates that bears continue to sell on rallies. Bitcoin could fall to $90,000, with buyers expected to intervene.
