Pivot Point at 1.1605

On Monday, the EUR/USD is trading in the red, below 1.1600. The dovish stance of the European Central Bank remains unchanged, making it difficult for the single currency to find buyers. ING economists anticipate a period of consolidation for the pair. There will be several ECB speakers this week, but the EUR will not be re-rated until someone like Lagarde or Lane change their tune. Indeed, our rates team believes that the ECB cycle is already overpriced (10bps ECB rate hike priced for late 2022), whereas the Fed cycle is underpriced."

In terms of data, China's National Bureau of Statistics reported on Monday that economic growth in the world's second-largest economy fell to 0.2 percent and 4.9 percent year on year in the third quarter, down from 1.3 percent and 7.9 percent in the previous quarter. Furthermore, China's Industrial Production fell short of market expectations in September, expanding by 3.1 percent year on year, compared to 5.3 percent in August. This substantially overshadowed September's better-than-expected monthly Retail Sales figures, which grew by 4.4 percent. This comes amid concerns that inflation may rise faster than expected, exacerbating fears of stagflation.

The broad US dollar maintained its earlier positive trend and remained strongly bid, supported by increased Treasury yields. Meanwhile, the current cautious tone in financial markets was considered another major factor contributing to gold prices gaining additional support. The US Dollar Index, which compares the US dollar to a basket of foreign currencies, was 0.18 percent higher at 94.105. As a result, the precious metal's rising potential was restrained by the favorable trend of the US dollar.

The markets may remain quiet in the absence of major key data, although Federal Reserve speakers and the Fed's Beige Book may keep traders interested. Meanwhile, keep a lookout for the monthly release of US Industrial Production.

EUR/USD Intraday Technical Levels

Support Resistance

1.1584 1.1615

1.1570 1.1632

1.1553 1.1645

Pivot Point: 1. 1605

EUR/USD - Technical Outlook

In a quiet session on Monday, the EUR/USD falls. The pair remains in a limited trading range with no discernible traction. On the daily chart, the EUR/USD pair began the October series below 1.1600, testing the yearly lows around 1.1524 on Tuesday. The spot is already trading below the 21-day and 50-day Simple Moving Averages (SMA), indicating a danger of further decline. EUR/USD currency pair is trading at 1.1566 level and it’s gaining immediate support at 1.1549 level. On the hourly chart, the upward channel supports the EUR/USD at the 1.1549 level. A closing of a bullish engulfing candle is supporting buying trend in the EUR/USD pair. However, the intraday pivot point is likely to be working as a hurdle at 1.1562 level.

The breakout above the 1.1562 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1549 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496. The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1562 level today. All the best!

Bitcoin Price Prediction

Bitcoin is currently driving the market, up 2.7 percent on the day, 14 percent in the last week, and 32 percent in the last month. BTC often peaks before altcoins, so their time may come when bitcoin prices fall.

According to CoinGecko, Bitcoin is presently only 3.4 percent away from its all-time high of $64,800 set on April 14. In terms of market capitalization, Bitcoin is now valued nearly $1.18 trillion, accounting for almost 45 percent of the whole. Bitcoin is the sixth largest company in the world, greater than Facebook with $915 billion but smaller than Amazon with $1.7 trillion.

The Bitcoin price has settled above $60,000, signalling that it is entering bullish zone. BTC even broke through $61,500 and $62,000 resistance levels. Recently, a minor negative pullback happened below the $62,000 pivot zone. The price went below the $60,000 support level and the 100 hourly simple moving average.

However, the downside was confined to $58,800. A low was reported near $58,888 before the price began to increase again. There was a clear break over the $60,000 barrier and the 100 hourly SMA. Price breached the 50% Fib retracement level of the downside correction from the swing high of $62,887 to the low of $58,888.

On the other hand, Mexico's President, Andres Manuel Lopez Obrador, has stated that the country is unlikely to follow El Salvador's lead and adopt cryptocurrencies such as Bitcoin as legal tender alongside fiat currency. Obrador stated on Thursday that Mexico must retain orthodoxy in its financial management and will not change its stance on cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

56665.0 58258.0

55976.0 59162.0

55072.0 59851.0

Pivot Point: 57569.0

BTC/USD - Technical Outlook

On the BTC/USD hourly chart, there was also a break over a strong negative trend line with resistance above $60,850. Bitcoin has now breached the 76.5 percent Fib retracement line of the downward correction from the swing high of $62,887 to the low of $58,888.On the optimistic side, a break of the 63,008 resistance level might push the Bitcoin price up to the 65,084 level. While the support level remains at around 60,0048 levels.

On the 4-hour timeframe, Bitcoin has formed a bullish engulfing pattern that’s supporting a buying trend. While the leading technical tools like RSI and Stochastic are supporting a bullish trend in Bitcoin, So it’s not just the fundamentals that are supporting a buying trend in Bitcoin, but also the technical side. "Bullyish bias" dominates over 60,704 and vice versa. All the best!

Psychological Level of Resistance: 1,782

Gold prices ended the day at $1796.55, having reached a high of $1801.75 and a low of $1787.5. Gold rose for the third day in a row on Thursday, despite a drop in the U.S. dollar and Treasury yields. During early trading hours, the U.S. Dollar Index, which gauges the dollar's value against a basket of 6 main currencies, dipped to 93.76.

It retreated, though, and recovered some of its losses to conclude the day at 94.04. Treasury rates on benchmark 10-year U.S. notes fell to as low as 1.50 percent on Thursday, the third straight day of decreases. The weakening of the U.S. dollar, combined with a falling yield, put additional pressure on the U.S. currency, driving gold higher for the third straight session on Thursday.

The U.S. dollar was under pressure following the announcement of poor producer price index data from the U.S. on Thursday. However, the greenback gained some support with the announcement of jobless claims, as the country experienced a dip in the number of claims filed for jobless benefits last week, signalling growth in the employment sector.

At 17:30 GMT, the September Producer Price Index fell to 0.5 percent, vs. the predicted 0.6 percent, weighing on the U.S. dollar and adding to gold price rises. The Core PPI fell to 0.2 percent in September vs. the projected 0.5 percent, weighing on the U.S. dollar, which lifted gold higher on Thursday. Last week's U.S. unemployment claims declined to 293K from 315K expected, supporting the U.S. dollar and limiting additional higher momentum in yellow metal prices.

On the other hand, gold was backed by broader market sentiment, which had shifted to the downside during the global oil crisis and rising prices worldwide. The safe-haven gold gained higher on Thursday as risk-off market sentiment drove it higher. Moreover, Federal Reserve Governor Michelle Bowman stated that she would be delighted with the U.S. central bank beginning to reduce some of its crisis-era support for the economy as early as next month. This bolstered the U.S. currency and halted further advances in gold prices.

GOLD Intraday Technical Level

Support Resistance

1788.81 1803.01

1781.08 1809.48

1774.61 1817.21

Pivot Point: 1795.28

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,794 per ounce. However, the technical side of gold is mostly unchanged and still signals a bullish bias. Gold is approaching overbought territory as it’s RSI was well above 80 on a 4-hour timeframe, indicating that it was overbought. However, it has begun to move out of the zone. Typically, it signals the initiation of a bearish retracement.

The 1,788 level, on the other hand, is gold's immediate support. If the 1,788 level is broken, a sell-off might ensue till the 1,780 and 1,774 levels are reached. On the upside, gold's following resistance levels remain at 1,800 and 1,808, respectively.

We might anticipate a bearish correction in bullion on Friday, particularly below the 1,800 mark. Gold bullish bais dominates over 1,788 and vice versa. All the best!

Pivot Point Underpins at 3,712

The ETH/USD ended the day at $3790.18, having reached a high of $3819.81 and a low of $3588.20.On Thursday, ETH/USD extended its gains for the second day in a row, approaching the $4000 level. Many positive developments have surrounded the second-largest cryptocurrency by market cap. A report from Crypto Compare revealed that institutional investors were favouring Ethereum over Bitcoin for the first time.

The Grayscale’s Ethereum Trust (ETHE) recorded more trades in September 2021 than the Grayscale’s Bitcoin Trust (GBTC). The report suggested that ETHE had a 29% increase in trading volume in September as compared to August. Grayscale’s Ethereum Trust currently has $10.9 billion in assets under management.

The CEO of Grayscale Investments said that bitcoin was inherently built to be a digital form of money, whereas Ethereum was not only a token of payment but it was also a DeFi platform that allowed users to create and run dapps and smart contracts.

Furthermore, billionaire Mark Cuban has revealed that Ethereum was a better option for a true cryptocurrency according to his beliefs. He recommended choosing Ethereum as a digital asset for investing in cryptocurrency as he believes that ETH has the most upside potential. However, for newcomers, he recommended dogecoin.

According to Cuban, Ethereum might be the closest thing to a real currency, but Dogecoin takes the lead as a preferable method of payment. He revealed that his crypto portfolio consists mainly of Ethereum, and this added to the gains of ETH/USD on Thursday.

ETH/USD Intraday Technical Levels

Support Resistance

3645.65 3877.26

3501.12 3964.34

3414.04 4108.87

Pivot Point: 3732.73

ETH/USD - Technical Outlook

On Friday, the ETH/USD currency pair was trading at the 3,818 level and it was gaining immediate support at the 3,800 level. On the hourly chart, the ETH/USD has formed an upward channel that’s supporting the bullish trend.

At the moment, the ETH/USD closing Doji and Shoorting start candles on the hourly timeframe that’s supporting indecision among investors. Therefore, the chances of a selling trend or a bearish correction remain strong below 3,860 resistance.

The breakout above the 3,860 resistance level exposes the ETH/USD towards the 3,966 level, and the continuation of the further upward trendline exposes the pair towards the 4,108 level. On the downside, the breakout of the 3,800 support level exposes the ETH/USD towards the next support areas of 3,712 and 3,606.

The RSI and MACD are in support of a bullish trend in ETH/USD. Therefore, the bullish bias dominates above the 3,712 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was last seen at $57,354.0, with a high of $58,473.0 and a low of $56,880.0. BTC/USD stayed unchanged throughout Thursday's trading session, despite mixed events in the bitcoin ecosystem. Barry Sterlicht, a famed investor and millionaire, claimed to have purchased BTC and ETH. Sterlicht has an estimated net worth of $4 billion and is the creator of Starwood Capital Group, which manages around $60 billion in assets.

Concerns about central banks and their monetary policies, which could lead to currency inflation, encouraged Sterlicht to diversify his portfolio into BTC and ETH as a hedge against this occurrence. He declared gold, one of the most extensively used assets as a store of value, to be worthless. He said that gold and silver have industrial applications and that bitcoin, rather than gold, serves as a store of value.

Strike, a Lightning Network payments company has also introduced a new function called "Pay Me In Bitcoin." Customers can programmatically convert a portion or all of their revenue into bitcoin via the app using their bank account and routing details. All Strike account holders can take advantage of this service by depositing directly into their account and quickly converting to bitcoin without incurring fees. Meanwhile, MintGreen, a cleantech cryptocurrency miner based in Canada, has announced a cooperation with the Lonsdale Energy Corporation to provide heat to residents in North Vancouver, British Columbia, beginning in 2022.

According to the release, MintGreen's digital boilers, which can recover more than 96 percent of the electricity used in Bitcoin mining, will prevent 20,000 metric tonnes of greenhouse gases from entering the atmosphere during the agreement with North Vancouver. The recovered energy will heat 100 residential and commercial buildings in the Canadian metropolis of about 155,000 people.

Furthermore, Morgan Stanley's CEO stated that cryptocurrencies, including bitcoin, were not a fad. He stated that they will not go away and that he is looking forward to seeing how regulators manage them.

All of the aforementioned occurrences aided bitcoin in securing some gains during the trading session on Thursday, but the cryptocurrency stayed flat as the gains were reversed owing to unfavorable developments.

On the other hand, Mexico's President, Andres Manuel Lopez Obrador, has stated that the country is unlikely to follow El Salvador's lead and adopt cryptocurrencies such as Bitcoin as legal tender alongside fiat currency. Obrador stated on Thursday that Mexico must retain orthodoxy in its financial management and will not change its stance on cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

56665.0 58258.0

55976.0 59162.0

55072.0 59851.0

Pivot Point: 57569.0

BTC/USD - Technical Outlook

Bitcoin is on a bullish streak, having risen by 4% during the Asian session to trade just below the psychological barrier of $60,000. On the upside, Bitcoin is likely to face significant resistance near $60,000. A bullish breakout above $60,000 might take Bitcoin to the next resistance levels of $61,745 and $62,010, respectively.

The BTC/USD has formed a bullish engulfing candle on the 4-hour timeframe, indicating a strong bullish trend in the market. Bitcoin's immediate support and resistance levels are at 59,303 and 58,337, respectively, with resistance at $60,057 and $61,745.

On Friday, Bitcoin might continue to rise until it reaches the $60,057 level, and a break over this level could fuel further bullish sentiment in the market. Best wishes!

Pivot Point Breakout at 1,782

After reaching a top of $1797.35 and a bottom of $1757.95, gold prices settled at $1792.75 per ounce. Fears of an economic hit from rising energy prices, along with a drop in the US dollar as investors anticipated US inflation data, sent gold prices to their highest mark since September 16th.

On Wednesday, the US dollar index, which calculates the greenback's strength versus a basket of six major currencies, plummeted to a low of 94.0, owing to concerns about inflation. The benchmark 10-year Treasury yield fell to 1.530 percent, putting additional pressure on the US dollar and driving up yellow metal prices.

The recent U.S. consumer price index data, which confirmed growing inflation in the world's largest economy, appears to have sparked a rally in the yellow metal. In addition, the Federal Reserve's minutes confirmed that tapering would begin soon.

On the data front, the Consumer Price Index for September rose to 0.4 percent at 17:30 GMT, beating expectations of 0.3 percent, bolstering the US dollar, which capped additional advances in the yellow metal. The core CPI stayed unchanged at 0.2 percent, as expected.

According to the Federal Reserve's September policy meeting minutes, the central bank could begin tapering its crisis-era economic stimulus in mid-November or mid-December. They were, however, split on how much of a threat high inflation poses and how quickly interest rates should be raised in response.

According to inflation statistics issued on Wednesday, higher prices were not transient, and predictions of interest rate hikes sooner than expected surged amid these anxieties, keeping the yellow metal supported on Wednesday.

Participants at the FOMC meeting thought inflation risks could last longer than projected, particularly if labor and other supply constraints proved to be more persistent than predicted. Many participants agreed that the committee's price-stability target had been fulfilled and that tapering should begin immediately.

Participants voiced concern that monetary policy's intense level of accommodation, especially asset purchases, could exacerbate financial stability vulnerabilities. Other members stated that the substantial further development goal had yet to be realized and that this mixed feeling raised the level of uncertainty surrounding tapering and interest rate hikes, supporting the safe-haven yellow metal.

GOLD Intraday Technical Level

Support Resistance

1768.01 1807.41

1743.28 1822.08

1728.61 1846.81

Pivot Point: 1782.68

GOLD - Technical Outlook

Gold is now priced at $1,788 per ounce, but the market is approaching overbought territory. Gold's RSI was well above 80 on a 4-hour timeframe, indicating that it was overbought. However, it has begun to move out of the zone, undoubtedly resulting in a downward retracement in gold.

The 1,782 level, on the other hand, is gold's immediate support. If the 1,782 level is broken, a sell-off might ensue till the 1,774 and 1,768 levels are reached. On the upside, gold's following resistance levels remain at 1,798 and 1,806, respectively.

We might anticipate a bearish correction in bullion on Thursday, particularly below the 1,796 mark. Gold bullish bais dominates over 1,782 and vice versa. All the best!

Pivot Point to Provide Support at 1.1580

On Thursday, the EUR/USD currency pair is trading with a bullish trend at 1.1588 level. However, it’s heading towards next support level of 1.1580that we can see on the chart below. In September 2021, as measured by the year-over-year rise in the consumer price index (CPI), Germany's inflation rate was +4.1 percent. It had been a little under 4% in July and August of 2021. The last time inflation was estimated at a higher rate was in December 1993 (+4.3%). Consumer prices, according to the Federal Statistical Office (Destatis), remained constant from August 2021.

According to Eurostat, the European Union's statistical office, seasonally adjusted industrial production declined by 1.6 percent in the euro area and 1.5 percent across the EU in August 2021, compared to July 2021. Industrial production increased by 1.4 percent in the euro region and 1.2 percent across the EU in July 2021. Industrial production climbed by 5.1 percent in the euro region and 5.3 percent in the EU in August 2021 compared to August 2020.

Capital goods production declined by 3.9 percent in August 2021 compared to July 2021, durable consumer goods production fell by 3.4 percent, and intermediate goods production fell by 1.5 percent in the euro area.

Weakness in U.S. Dollar Support the EUR/USD

On Wednesday, the US dollar index, which calculates the greenback's strength versus a basket of six major currencies, plummeted to a low of 94.0, owing to concerns about inflation. The benchmark 10-year Treasury yield fell to 1.530 percent, putting additional pressure on the US dollar and driving up yellow metal prices.

On the data front, the Consumer Price Index for September rose to 0.4 percent at 17:30 GMT, beating expectations of 0.3 percent, bolstering the US dollar, which capped additional advances in the yellow metal. The core CPI stayed unchanged at 0.2 percent, as expected.

According to the Federal Reserve's September policy meeting minutes, the central bank could begin tapering its crisis-era economic stimulus in mid-November or mid-December. They were, however, split on how much of a threat high inflation poses and how quickly interest rates should be raised in response.

According to inflation statistics issued on Wednesday, higher prices were not transient, and predictions of interest rate hikes sooner than expected surged amid these anxieties, keeping the yellow metal supported on Wednesday.

EUR/USD Intraday Technical Levels

Support Resistance

1.1538 1.1623

1.1512 1.1668

1.1470 1.1690

Pivot Point: 1.1580

EUR/USD - Technical Outlook

On Thursday, the EUR/USD currency pair was trading at the 1.1592 level and it was gaining immediate support at the 1.1580 level. On the hourly chart, the EUR/USD has violated the upward channel and symmetrical triangle pattern therefore, the pair is on the verge of a bullish trend.

At the moment, the EUR/USD closing Doji and Shoorting start candles on the hourly timeframe that’s supporting indecision among investors. Therefore, the chances of a selling trend or a bearish correction remain strong on Thursday.

The breakout above the 1.1603 resistance level exposes the EUR/USD towards the 1.1625 level, and the continuation of the further upward trendline exposes the pair towards the 1.1649 level. On the downside, the breakout of the 1.1580 support level exposes the EUR/USD towards the next support areas of 1.1512 and 1.1496.

The RSI and MACD are in support of a bullish trend in EUR/USD. Therefore, the bullish bias dominates above the 1.1580 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD coin pair maintained its previous upward rally and drew further heavy bids around the $58,500 level. Bitcoin remained strong above the $58,000 level against the US dollar. BTC started a fresh increase, and it could rally above $59,500. Bitcoin price initially found support near $54,000 and then broke through the key $58,000 resistance zone to re-enter the positive zone.

The BTC/USD is trading at $58,033.0, having gained over 3.12% in 24-hours. Furthermore, that the BTC's current market ranking is 1, with a live market cap of USD 1,065,578,155,437. It has a circulating supply of 18,840,512 BTC coins and a max. supply of 21,000,000 BTC coins.

However, the reason behind Bitcoin's upward rally could be attributed to the latest reports suggesting that Arcane Research says that activity on the CME indicates that institutional traders "have returned to Bitcoin."

Data shows the latest rise in Bitcoin's price was sponsored by a significant uptick in the trading volume. This could suggest that the current uptrend may be sustainable. As per Arcane Research's latest report, the Bitcoin trading volume is rising fast this month after a relatively slow last few days of September. As a result, positive news tends to have a positive impact on Bitcoin prices.

Apart from this, China's Bitcoin (BTC) crackdown prompted the profitable business out of the country and helped establish the US as the top country for mining operations, according to the latest data from the Cambridge Centre for Alternative Finance. This was seen as one of the key factors that had some additional positive impact on BTC prices. On the other hand, the Cambridge Bitcoin Electricity Consumption Index (CBECI), which gives a real-time estimate of the total electricity consumption of the Bitcoin network, stated that the mining activity in China has sunk to zero.

Elsewhere, the selling bias surrounding the dollar was seen as another key factor that pushed the BTC/USD pair higher. The broad-based US dollar touched its lowest level this week against major peers on the day, taking a break from a rally that had lifted it to a one-year high backed by expectations for quicker Federal Reserve interest rate hikes. Even after minutes of the Federal Open Market Committee's September meeting, the US dollar pulled back, affirmed that tapering of stimulus is all but certain to start this year, and showed a growing number of policymakers worried that high inflation could persist.

BTC/USD Intraday Technical Levels

Support Resistance

55145 58688

52916 60000

51602 62231

Pivot Point: 56459.7

BTC/USD - Technical Outlook

Bitcoin exceeded the key drop's 76.4% Fib retracement level from the $57,835 swing high to the $54,020 low. It opened the doors for a fresh high above the $59,000 level. The price is now accelerating higher above the $58,000 level.

Initial resistance is near the $58,750 level that marks the 1.236 Fib extension level of the vital drop from the $57,835 swing high to $54,020 low. Furthermore, the first key resistance is near the $59,000. A clear break above the $59,000 resistance exposes the coin further higher.

On the other hand, Bitcoin could start a downside correction if it fails to clear the $59,000 resistance zone. Immediate support on the downside is near the $58,000 level. The 1st-major support is now forming near the $57,800 level. A downside break below the $57,800 level could set the pace for a downside correction. The next significant support is now near the $56,500 level and the 100 hourly SMA. All the best!

Pivot Point Breakout at 1,760

The precious metal gold is trading sideways in a limited trading range of 1,761 - 1755 on Wednesday. Gold closed at $1760.55 on Tuesday after hitting a top of $1769.90 and a low of $1750.55. As mounting inflation fears decreased risk appetite, the XAU/USD prices gained some support and climbed on Tuesday. Furthermore, increased demand for safe-haven gold provided some assistance. The strength of the U.S. dollar, however, curtailed the gains for the day.

On Tuesday, the return on the benchmark 10-year bond in the U.S. dropped to 1.56 percent. As a result, the yellow metal gained for the day. While the U.S. Dollar Index, which measures the dollar's value against a basket of six major currencies, gained 94.56, the yellow metal's gains were limited.

Gold prices are supported by risk-off sentiment above $1,760.

The market's risk appetite waned after the economy was challenged by a worldwide energy shortage and rising inflation fears. As a result, more investors have turned to safer investments like gold.

Gold is typically thought of as an inflation hedge, but the expectation of less central bank stimulus and rising interest rates tends to push government bond yields higher. As a result, owning gold that yields no interest has increased opportunity costs.

Government bond yields tend to rise in anticipation of reduced central bank stimulus and interest rate hikes, resulting in higher opportunity costs for holding gold, which pays no interest.

On the data front, the NFIB Small Business Index for September stayed unchanged at 15:00 GMT, against estimates of 99.7. The JOLTS Job Openings dipped to 10.44 million in August, down from 10.95 million projected, dragging on the U.S. dollar and pushing gold higher at 19:00 GMT.

Raphael Bostic, President of the Atlanta Federal Reserve Bank, Delivers a Speech

Raphael Bostic, President of the Atlanta Federal Reserve Bank, stated on Tuesday that U.S. inflation was beyond the Federal Reserve's target of 2%. Policymakers must be cautious to avoid causing long-term forecasts to become unanchored as a result of pandemic-induced pressures.

He believed that pandemic-related pricing patterns would eventually reverse. He was concerned, though, that some supply chain disruptions would linger longer than projected. According to him, the Fed's staff may stop referring to inflationary pressures as temporary because they are likely to persist beyond the Federal Reserve's 2 percent target.

As per Fed Vice Chair Richard Clarida, the price stability mandate's considerable further progress threshold has been more than met. The employer mandate, on the other hand, has not yet been completed. He believes the Fed should start slowing down its bond purchases shortly. Clarida also mentioned that the Fed's tapering programme could be completed by the end of 2022.

GOLD Intraday Technical Level

Support Resistance

1750.76 1770.11

1740.98 1779.68

1731.41 1789.46

Pivot Point: 1760.33

GOLD - Technical Outlook

On Wednesday trading sessions, gold was trading with a slight bullish bias at the 1760 level. It has already violated an intraday pivot point level of 1760, indicating bullish sentiment in the market.

On the upside, gold is anticipated to encounter immediate resistance around 1765, while a break above 1765 might push gold prices to the following resistance levels of 1770. Gold is now holding at 1760 and it may find immediate support at 1759, which is being extended by a triple top pattern. This triple top pattern was violated during the Asian session, and now it’s working as a support for the gold.

Below this pivot point, the 50-day SMA (simple moving average) provides immediate support at 1755. Gold's bullish bias remains strong above 1,760 and vice versa.

All the best!

Pivot Point to Provide Support at 1.1540

On Wednesday, the EUR/USD currency pair is trading with a bullish trend at 1.1552 level. It’s heading towards next resistance level of 1.1557 that we can see on the chart below. During Tuesday's trading session, the EUR/USD pair oscillated back and forth around the 1.1550 level. This area has been increasingly crucial over the last few days, as it appears that we are battling to get above the floor, but the 1.15 level seems to be providing some support.

Breaking down below that level will open the door to considerably lower pricing, possibly as low as 1.1250 in the long run. That stated, this is most likely about the US dollar rather than the Euro, though there are some developments in the European Union worth noting.

Weakness in U.S. Dollar Support the EUR/USD

Raphael Bostic, President of the Atlanta Federal Reserve Bank, stated on Tuesday that U.S. inflation was beyond the Federal Reserve's target of 2%. Policymakers must be cautious to avoid causing long-term forecasts to become unanchored as a result of pandemic-induced pressures.

He believed that pandemic-related pricing patterns would eventually reverse. He was concerned, though, that some supply chain disruptions would linger longer than projected. According to him, the Fed's staff may stop referring to inflationary pressures as temporary because they are likely to persist beyond the Federal Reserve's 2 percent target.

As per Fed Vice Chair Richard Clarida, the price stability mandate's considerable further progress threshold has been more than met. The employer mandate, on the other hand, has not yet been completed. He believes the Fed should start slowing down its bond purchases shortly. Clarida also mentioned that the Fed's tapering programme could be completed by the end of 2022.

EUR/USD Intraday Technical Levels

Support Resistance

1.1536 1.1575

1.1523 1.1601

1.1496 1.1615

Pivot Point: 1.1540

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD currency pair was trading at the 1.1550 level and it was gaining immediate support at the 1.1540 level. On the hourly chart, the EUR/USD has violated the upward channel and symmetrical triangle pattern. Both of these patterns supported the EUR/USD pair at the 1.1555 level, and now this level is working as a solid resistance.

The closing of a Doji candle below the 1.1550 level is weakening the EUR/USD’s bullish bias. Typically, in such scenarios, bulls start profit-taking to avoid losing gains in the wake of a bearish correction.

The breakout above the 1.1555 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1540 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496.

The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1540 level today. All the best!