Gold’s Daily Price Analysis

Gold began the day with a modest increase, moving above the $1800 barrier despite a minor decrease in the US Treasury Yield. As a result, market participants have not fully recovered from the holidays, resulting in sluggish market momentum.

The US Dollar Index, which gauges the dollar's value against a basket of a half-dozen currencies from significant nations, was also rising, if slowly, and held over the 96.10 level. US Treasury yields were under pressure and hovered around 1.48 percent, assisting gold to start the day in the green. No macroeconomic statistics will be issued from the United States on Monday on the data front. However, the release of the Housing Price Index and the Richmond Manufacturing Index on Tuesday could impact the US dollar.

Last Monday, experts from the Walter Reed Army Institute of Research stated that they expect to reveal the development of a vaccine effective against COVID-19 and all of its variants, including Omicron and prior SARS-origin viruses that have killed millions of people. The vaccine was created after two years of research on the virus. The vaccine has yet to go through phase 2 and phase 3 trials, and identifying unvaccinated and uninfected patients has been difficult, causing the vaccine's completion to be delayed. However, if the vaccination is shown to be effective against all versions, the COVID-19 myth will be put to rest once and for all. This market confidence increased risk appetite and capped gold gains for the session.

On the other hand, gold was gaining strength as a result of the coronavirus's rapid spread. According to Johns Hopkins University, the global coronavirus caseload reached 279.9 million, with 5.39 million deaths and almost 8.94 billion people vaccinated. Over the Christmas holiday, commercial airlines globally canceled around 5,700 flights due to the spread of Omicron. France reported 100,000 daily COVID-19 cases for the third day in a row, and Portugal reported 10,000 daily COVID-19 cases.

Despite the city of Xi'an being under lockdown, China reported the greatest number of infections in four months. The rising number of coronavirus cases and the government's anti-coronavirus measures added uncertainty to the market, which supported precious metals on Monday morning.

GOLD Intraday Technical Level

Support Resistance

1806.65 1810.05

1805.10 1811.90

1803.25 1813.45

Pivot Point: 1808.50

GOLD - Technical Outlook 

On Monday, the yellow metal gold is trading sideways as most of the markets are closed amid holidays. Gold has gained support at the 1,808 level, surged from 1,798 pivot point level. On the 4-hour timeframe, gold has closed bullish engulfing candles supporting weakness in the bearish bias. Therefore, the closing of candles above the 1,808 pivot point keeps gold underpinned. Gold’s major hurdle stays at 1,810, and above this, prices will be exposed towards the next resistance level of 1,817 and 1,829. Further on the higher side, the resistance stays at 1,836. Gold’s immediate support stays at 1,805 levels. At the same time, a break below the 1,805 support might expose the gold price down to 1,789 or 1,777 level. The RSI and Stoch are signaling a uptrend in gold. All the best!

Daily Price Outlook

The EUR/USD opened its day on Monday with consolidated momentum as investors struggled to give the currency pair a significant direction. The pair is almost flat and finding it hard to decide a direction to continue its movement. It is hovering around the $1.1320 level.

The US Dollar Index, which measures the value of the U.S. dollar against a basket of six major currencies, was somewhat green on board amid the return of investors from the Christmas holidays. However, the DXY was still consolidating and stalled at the 96.10 level. The slightly bullish tone surrounding the U.S. dollar kept the currency pair EUR/USD under pressure on Monday.

Furthermore, the rising spread of the Omicron variant in European countries prompted leaders to reinstate coronavirus restrictions. Portugal and Germany announced post-Christmas curbs and greater social distancing measures. Spain and France published the highest number of daily cases since the pandemic, as France topped 100,000 daily cases. The World Health Organization has also cautioned that the rising number of cases across Europe could push their health systems towards the brink of collapse.

Finland has ordered bars and restaurants to close at 18:00 from December 28 with limited seating for three weeks. Germany also announced that small gatherings of 10 people and nightclubs would not be allowed from December 28. In France, children between the ages of 5 and 11 are vaccinated, and Spain is discussing implementing new restrictions. According to the latest EU figures, Europe has already seen more than 89 million cases with 1.5 million deaths, and the figures are rising continuously, driving the euro to the downside.

Meanwhile, the latest accusation by Poland against Russia to limit the deliveries of gas to Europe and denounced that it was causing Germany’s resale of gas to Poland to be expensive. However, on Friday, Russian President Vladimir Putin denied these accusations and said that Poland had sidelined Russia in managing the pipeline. Due to the Christmas holidays, there was no macroeconomic data release from Europe or the U.S. side, and the currency pair EUR/USD remained at the mercy of investor behavior for the time being.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1314 1.1329

1.1305 1.1335

1.1299 1.1344

Pivot Point: 1.1320

EUR/USD - Technical Outlook 

The EUR/USD is trading at the 1.1321 level, gaining immediate support at the 1.1301 level. The direct currency pair’s immediate resistance stays at 1.1337 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1337 resistance level exposes the pair towards 1.1360 or 1.1410 resistance levels. Alternatively, the support levels continue to hold at 1.1308 and 1.1230. A bearish breakout increases the chances of a downtrend until the 1.1197 support zone. All the best!

Bitcoin Price Prediction 

The BTC/USD was closed at $50,797.0 after reaching a high of $51,281.0 and a low of $49.473.0. On Sunday, BTC/USD reversed course and recovered minor losses from previous sessions. The President of El Salvador, Nayib Bukele, announced on Friday that Bitcoin was the real revolution that the world is seeing and that days for fiat currency were limited and that the days of fiat currency were gone for good.

He targeted those in his statement, which raised questions regarding El Salvador's legalizing Bitcoin. He further said that those whom international organizations have called the "Bitcoin Experiment" only watched how mass adoption changes a country's economy. He added that El Salvador was the spark that ignited the real revolution. These comments from Bukele added some positive momentum in BTC/USD prices.

On the other hand, the former UK Chancellor, Lord Hammond, has reportedly warned against investing in cryptocurrencies. He called investing in cryptocurrency "gambling money" and noted that people should be extremely cautious as many people regard it closer to gaming than serious investing. Nonetheless, he has taken the senior advisor position at CryptoFriM Copper, which he joined in October. These comments from a senior advisor of a crypto firm added pressure to the rising prices of BTC/USD.

Meanwhile, market researcher Jim Bianco said that used car prices increased faster than bitcoin and other assets. He further said that if you want to know what the best investment you made in 2021 is, it's that car sitting in your garage. The Bianco researcher said that the prices of used cars were appreciating faster than the stock market and, lately, faster than some cryptocurrencies.

The price of bitcoin has increased by only 5% in the last four months, while the S&P 500 has risen by 26% this year; however, the price of used cars has soared by more than 20% in the last four months. This study had a negative impact on the rising prices of BTC/USD on Monday.

Moreover, hundreds of Salvadorans claimed that money from their bitcoin accounts was disappearing. In September, the government gave each citizen the US $30 in bitcoin via each person's Chivo wallet, a government's digital account. The coin could be used for shopping or paying taxes. However, citizens started claiming that the stores had not received their payments and the funds had disappeared from their accounts. This news further weighed on the BTC/USD on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

49753.0 51561.0

48709.0 52325.0

47945.0 53369.0

Pivot Point: 50517.0

BTC/USD - Technical Outlook 

Bitcoin's price has begun a slight downward retracement from the $51,800 level. BTC fell below $51,200, entering a negative zone in the immediate term. There was a breach below the 50 percent Fib retracement level of the upward move increase from the swing low of $48,105 to the high of $51,800. There was even a drop below $50,000 and the 100 hourly simple moving average.

On the upside, an immediate barrier is near the $51,200 mark. The next significant resistance level might be $51,500. A decisive break above the $51,500 resistance level might kick-start a new uptrend. The bulls' next significant resistance level might be around $53,500. If bitcoin fails to break through the $51,200 barrier level, it may begin another downtrend. On the downside, there is immediate support near the $50,200 level.

The first large contribution is close to $50,000. If the price falls below $50,000, it may move towards the $49,400 support level. Any further losses might bring the price down to the $48,500 support level. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1810.10, with a high of $1811.95 and a low of $1799.50. Gold climbed for the second day in a row on Thursday, boosted by the possibility of US inflation after the latest statistics revealed that the world's largest economy was experiencing its worst pricing pressures in four decades. The data from the United States revealed that the so-called PCE had its highest annual growth in 39 years, which eventually strengthened the precious metal due to its traditional position as an inflation hedge.

Meanwhile, the US Food and Drug Administration gave emergency use approval for Molnupiravir, a COVID-19 tablet created by Merk & Co., on Thursday, boosting the current risk-on market trend and limiting precious metals advances. Furthermore, a UK study found that Omicron infections were less likely to result in hospitalisation, but that the variant might still cause a large number of serious cases due to its infectiousness. A study from Asia Pacific, on the other hand, found that two doses of the Sinovac vaccine, plus a booster shot, did not create enough neutralising antibodies to protect against Omicron. This news also contributed to some of gold's advances.

The Core PCE Price Index increased to 0.5 percent at 18:30 GMT, exceeding the expected 0.4 percent, bolstering the US dollar on the data front. The core durable goods orders also increased by 0.8 percent, versus the expected 0.6 percent, supporting the US dollar. Durable Goods Orders rose to 2.5 percent from 1.9 percent expected, bolstering the US dollar. Personal income remained unchanged, with a 0.4 percent increase projected. Personal spending was stable at 0.6 percent.

Last week's unemployment claims jumped to 205K, exceeding the 200K forecast, bolstering the US dollar. At 20:00 GMT, new house sales had fallen to 744K from 770K expected, weighing on the US dollar. The Revised University of Michigan Consumer Sentiment remained unchanged at 70.6. Revised UoM Inflation Expectations stayed unchanged at 4.8 percent. The majority of the data came from the United States, which favoured the greenback and restrained the rise in gold prices on Thursday.

The growing number of countries implementing measures to reduce the Omicron variant spread also contributed to gold's gain on Thursday. On Thursday, China's Xi'an city, which has a population of almost 13 million people, was also closed down. It was the most severe lockdown since the epidemic began in 2020, with all inhabitants instructed to stay indoors and only one member from each family allowed to out every other day for needs.

Despite the Omicron variety sweeping the country, President Joe Biden has ruled out the notion of returning to the March 2020 countrywide pandemic lockdown. According to Biden, the country has enhanced immunisation and medical competence, and the United States will not need to revert to the national pandemic lockdown that occurred in March of last year. This news pushed the US dollar slightly higher on Thursday, limiting gold price gains.

GOLD Intraday Technical Level

Support Resistance

1802.41 1814.86

1794.73 1819.63

1789.96 1827.31

Pivot Point: 1807.18

GOLD - Technical Outlook 

On Friday, trading in gold is disabled amid Christmas holidays. However, the precious metal gold is gained support at the 1,808 level, surged from 1,798 pivot point level. On the 4-hour timeframe, gold has closed bullish engulfing candles supporting weakness in the bearish bias. Therefore, the closing of candles above the 1,805 pivot point keeps gold underpinned. Gold’s major hurdle stays at 1,810, and above this, prices will be exposed towards the next resistance level of 1,817 and 1,829. Further on the higher side, the resistance stays at 1,836. Gold’s immediate support stays at 1,805 levels. At the same time, a break below the 1,805 support might expose the gold price down to 1,789 or 1,777 level. The RSI and Stoch are signaling a uptrend in gold. All the best!

Bitcoin Price Prediction 

The BTC/USD was closed at $50,812.0 after a high of $51,376.0 and a low of $48,078.0. BTC/USD rose above $50,000 on Thursday, its highest level since December 8th, amid a generally favorable environment. The CEO of MicroStrategy, Michael Saylor, has provided his expectations for the leading cryptocurrency, Bitcoin, and said that the price of Bitcoin will reach $6 million as it is unstoppable and will replace gold. Saylor has been a bitcoin advocate and believes that BTC should never be sold, as he owns about 17,732 BTC, worth $858 million.

His company, MicroStrategy, has a stash of 122,478 bitcoins worth about $6 billion at the current price. The company acquired the coins at an average price of $29,861 for a cost of about $3.7 billion. According to MicroStrategy, it was the largest publicly traded corporate holder of BTC globally and was also the first public company to adopt bitcoin as a primary treasury reserve asset. The CEO had repeatedly said that BTC would replace gold, as earlier this month, he said that there was a time when gold used to be a desirable store of value, but now bitcoin has taken its place. These comments from Saylor added to the positive sentiment surrounding the Bitcoin ecosystem and pushed its prices higher.

Meanwhile, a new report claims that people in Pakistan have invested a serious amount of money in digital assets in the absence of regulations. According to a report published by the Policy Advisory Board (PAB) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in 2020–21, Pakistanis held cryptocurrency worth $20 billion, allegedly more than one what their central bank has in foreign reserves.

The report suggested that the popularity of digital currencies was increasing rapidly, and the market had grown by about 711% this year as adoption increased. According to Chain analysis, Pakistan holds third place in crypto adoption this year, followed by India and Vietnam. This news also added some positive momentum to the BTC/USD prices as it showed the popularity of cryptocurrencies.

On the flip side, the U.S. SEC rejected two proposals from Valkyrie and Kryptoin to offer bitcoin exchange-traded funds, citing why they failed to meet the standards. The Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust did not meet the standard of being designed to prevent fraudulent and manipulative acts and practices and protect investors and the public interest, as per the SEC. This report capped some of the gains in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

48801.4 52099.4

46790.7 53386.7

45503.4 55397.4

Pivot Point: 50088.7

BTC/USD - Technical Outlook 

Bitcoin price created a base and began a new upward trend over the $48,000 barrier. BTC accelerated its rise above the $48,200 mark and the 100 hourly SMA (simple moving average). Moreover, on the hourly chart of the BTC/USD pair, a crucial descending channel with resistance near $48,800 was broken. After rallying above the $50,000 resistance zone, the pair moved into the positive zone. The bulls were successful in pushing the price beyond $50,000.

Bitcoin has reached a high of $51,500 and is now consolidating gains. It is significantly higher than the 23.6 percent Fib retracement line of the latest rise from the $48,105 swing low to the $51,500 high. It also trades significantly beyond $50,000 and the 100 hourly simple moving average. The first large contribution is close to $50,000. It is close to the 50% Fib retracement level of the latest rise from the $48,105 swing low to the $51,500 high. A breach below $50,000 on the downside could enhance selling pressure in the immediate term. The price may fall towards the $48,800 support zone in the aforementioned scenario. All the best!

Daily Price Outlook

The ETH/USD was closed at $4109.70 after placing a high of $4148.85 and a low of $3895.82. ETH/USD surged on Thursday and recovered all of its previous session’s loss amid positive developments surrounding its ecosystem. Terabithia, a cross-chain contract communication and asset mirroring technology, was launched by Psychedelic, a Web 3.0 development studio that builds solutions for the Internet Computer. This will effectively turn the Internet Computer into a layer-two scaling solution for Ethereum. Users will have the capacity to mirror and operate any Ethereum tokens, fungible and non-fungible, on the Internet Computer blockchain and vice versa. The protocol will tackle the problem of Ethereum network congestion and high gas fees. This news sparked some upside pressure on ETH/USD prices in the market.

A crypto research analyst at Fundstart, Armando Aguilar, has predicted the second-largest cryptocurrency. According to Aguilar, more adoption from institutional investors will be seen in bitcoin and will make the next year successful for BTC. For Ethereum, Aguilar said that he sees the price of Ethereum doing very well in 2022.

Aguilar predicted that Ethereum’s token might reach $9000 by the second quarter of 2022, and for this bullish prediction, he gave a reason for the growth of decentralized finance, NFTs, and Metaverse. He said that institutional investors would take more interest in DeFi, which will push it to new heights, and the trend will lift ETH to $9000. This positive prediction from a crypto analyst added further upside momentum in ETH/USD prices.

A report from statistics collector Glassnode showed that the Ethereum network reached an all-time high of non-zero addresses, wallets holding a positive amount of coins with 70.8 million non-zero wallets as of Thursday. This news also added a positive sentiment surrounding the Ethereum ecosystem and pushed its prices higher to recover all of its previous session’s loss.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3954.07 4207.10

3798.43 4304.49

3701.04 4406.13

Pivot Point: 4051.46

ETH/USD - Technical Outlook 

Ethereum created a base above $3,900 to begin a new uptrend. ETH was managed to break through the $4,000 resistance level and the 100 hourly simple moving average. The bulls pushed the price over the resistance levels of $4,050 and $4,080. On the hourly chart of ETH/USD, there was also a break over a significant contracting triangle with resistance above $3,960. A peak was made near $4,155, and the price declined.

Below the $4,100 support level, there was a break. Ether has already fallen below the 23.6 percent Fib retracement level of the recent rise from the $3,896 swing low to the $4,155 high. If Ethereum fails to start a new uptrend over $4,150, it may correct lower. On the downside, an initial support level is near $4,050. The first crucial support level is already emerging near $4,020. The 50 percent Fib retracement level of the latest rise from the $3,896 swing low to the $4,155 high is also approaching $4,020. A breach below the $4,020 and $4,000 levels might bring the price down to $3,920.

Gold’s Daily Price Analysis

Gold prices ended the day at $1804.35 per ounce, having reached a high of $1806.20 and a low of $1785.80. Gold reversed course on Wednesday after falling for two consecutive sessions, recouping the majority of its earlier losses despite the US dollar's ongoing weakness.

The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, fell for the third day in a row, falling to 96.02. Simultaneously, the US Treasury yield on the benchmark 10-year note struggled to extend its gains, hovering around 1.45 percent.

The minor decrease in US Treasury yields, combined with the continuous decline in US dollar values, has sparked renewed interest in bullion. Furthermore, the gold price was high due to widespread fears about the Omicron variety. Fears about the new version and its spread heightened the risks of higher inflation and the likelihood of clearer monetary policy from the Federal Reserve, pushing gold higher on Wednesday.

On the data front, at 18.30 GMT, the final GDP for the quarter increased to 2.3 percent, up from the predicted 2.1 percent, bolstering the US dollar. The quarter's final GDP price index stayed unchanged at 6.0 percent. At 20:00 GMT, the US CB Consumer Confidence in December increased to 115.8 from 111.1 expected, supporting the US dollar. Existing house sales fell to 6.46 million, down from 6.55 million projected, and weighted one dollar. The majority of the data from the United States favoured the dollar, which eventually restrained the rise in precious metals prices on Wednesday.

Despite positive economic data, the US dollar remained under pressure on Wednesday, owing to rising risk appetite fuelled by a promising Omicron research and increased optimism about the global economy. A South African investigation found that the odds of hospitalisation and serious disease were lower in Omicron-infected patients than in the prior variation Delta. Furthermore, on Wednesday, the United States approved Pfizer's anti-viral COVID-19 tablet, Paxlovid, for use in persons aged 12 and up, as well as those at high risk. This optimism reignited risk appetite, forcing the US dollar lower due to its safe-haven reputation and driving gold higher due to a negative correlation between the two.

GOLD Intraday Technical Level

Support Resistance

1789.90 1810.40

1777.60 1818.60

1769.40 1830.90

Pivot Point: 1789.10

GOLD - Technical Outlook

On Thursday, the precious metal gold is gaining support at the 1,805 level, surged from 1,789 pivot point level. On the 4-hour timeframe, gold has closed bullish engulfing candles supporting weakness in the bearish bias. Therefore, the closing of candles above the 1,805 pivot point keeps gold underpinned. On the resistance side, gold’s major hurdle stays at 1,810, and above this, prices will be exposed towards the next resistance level of 1,817 and 1,829. Further on the higher side, the resistance stays at 1,836.

Gold’s immediate support stays at 1,805 levels. At the same time, a break below the 1,805 support might expose the gold price down to 1,789 or 1,777 level. The RSI and Stoch are signalling a uptrend in gold. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1324 after placing a high of $1.1343 and a low of $1.1264. EUR/USD continued its bullish momentum for the third consecutive session and extended its gain mainly because of the US dollar's weakness along with the increased risk appetite in the market. Despite some negative developments surrounding Europe's economy, the single currency Euro kept on gathering strength due to the improved risk appetite in the market and pushed EUR/USD higher for the 3rd consecutive session on Wednesday.

The World Health Organization's European head has once again warned European countries to brace for a significant surge in coronavirus infections and advised people to get a booster shot to protect themselves from the widespread virus. According to Hans Kluge, 38 countries out of 53 in the WHO's European region have detected the Omicron variant. He warned that another storm of coronavirus infections was coming, and most vulnerable people should get booster shots as soon as possible as, for the moment, it was the single most crucial defence against Omicron.

Moreover, apart from Omicron, another risk was affecting Europe's economic recovery: the prevailing energy crisis. A report from Bloomberg suggested that the relentless surge in European energy prices forced industrial giants to cut production and threatened economic recovery. As a result, industries, including fertilizers and metals, were facing reduced production as energy costs were spiking to fresh records day after day.

Despite the lingering energy crisis and Omicron's concerns, the Euro rose as European investors emphasized the falling value of the US dollar and the current risk-on market sentiment.

There was no economic data released from Europe, and on the US side, at 18.30 GMT, the quarter's final GDP rose to 2.3%, against the predicted 2.1%, and supported the US dollar. The final GDP price index for the quarter remained unchanged at 6.0%. At 20:00 GMT, the CB Consumer Confidence from the US in December improved to 115.8 from the expected 111.1, which supported the US dollar. Existing home sales fell to 6.46 million against the forecasted 6.55 million and weighed on the dollar. Most of the data from the US supported the dollar and limited the rising prices of EUR/USD on Wednesday.

Meanwhile, despite the release of positive economic data from the United States, the dollar remained under pressure due to increased risk appetite fuelled by alleviating fears about the Omicron variant. A study from South Africa explained that the rate of hospitalization and severe cases were less affected by the Omicron variant than that caused by the Delta variant. The study helped keep the risk-on market sentiment alive and pushed the riskier currency pair EUR/USD to the upside on Wednesday.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1277 1.1356

1.1231 1.1389

1.1198 1.1436

Pivot Point: 1.1310

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1345 level, gaining immediate support at the 1.1308 level. The direct currency pair’s immediate resistance stays at 1.1355 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1353 resistance level exposes the pair towards 1.1386 or 1.1430 resistance levels. Alternatively, the support levels continue to hold at 1.1308 and 1.1230. A bearish breakout increases the chances of a downtrend until the 1.1197 support zone. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $48,626.0 after reaching a high of $49,575.10 and a low of $48,459.80. BTC/USD reversed its course and dropped on Wednesday, with minor losses as it moved in a tight range for the day. The former Twitter CEO and current chief of fintech firm Block, Jack Dorsey, replied to a tweet from rap star and Grammy winner Cardi B. The performer asked her 20.5 million followers, "Do you think crypto will replace the dollar?" Jack Dorsey said, "Yes, Bitcoin will, "in response to her question."

The interesting thing about this was that Dorsey did not say crypto in general or a vague blockchain-based technology would replace the dollar, but he straight said that Bitcoin was the heavyweight currency champion of the world. The debate has now reached Congress as politicians from the House of Representatives and Senate have expressed concerns that stablecoins and Bitcoin could undermine the dollar as the global reserve currency. These concerns of politicians and the tweet from Dorsey added to the leading crypto's strength and limited the decline in BTC/USD on Wednesday.

On the other hand, an international trade policy professor at Cornell University, Eswar Prasad, warned that the world's most popular cryptocurrency could fade out in the near future. He said that its downfall would be the lack of efficiency and inability to facilitate exchange as a mode of payment.

According to Prasad, Bitcoin's use of blockchain technology was not very efficient. Blockchain is the technology that underpins cryptocurrencies. Bitcoin and other cryptos are just codes recorded on a blockchain that gets longer and longer as more people use them. According to Prasad, the validation mechanism used by Bitcoin for transactions is environmentally destructive, which will eventually lead to its demise. These negative comments from the Indian-American economist added pressure on BTC/USD and dragged its prices to the downside on Wednesday.

Furthermore, a highly innovative FinTech company, SurgePays, has announced that the initial development of its newest version of its software platform has been completed. The new platform will enable SurgePays store owners to sell specific cryptocurrencies to customers for cash. It means customers with or without a bank account, or credit card, will be able to purchase BTC, ETH, and DOGE at local stores that are part of the company's 8000+ retail store network. Store clerks will facilitate the purchase of between $50 and $1499 worth of cryptocurrencies. This news should also have pushed BTC/USD higher, but the market participants kept the momentum to the downside for Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

48198.9 49314.2

47771.6 50002.4

47083.5 50429.6

Pivot Point: 48887.0

BTC/USD - Technical Outlook

Bitcoin price created a base and began a new upward trend over the $47,500 barrier. BTC accelerated its rise above the $48,500 mark and the 100 hourly simple moving average. The price rose so far that it broke through the $49,200 resistance level, but the bulls could not push the price above $50,000. A high was made near $49,599, and the price declined.

The next significant resistance level might be $49,200. The primary breakout zone is presently around $49,500. A clear break above the $49,500 resistance level could boost market optimism for a break above $50,000. The bulls' next significant resistance level could be around $51,200.

The first significant support is close to $47,500. It is close to the 50% Fib retracement level of the upward movement from the $45,600 swing low to the $45,599 high. A break below $47,500 on the downside might take the price towards the $46,500 support, from which it could target $45,500. All the best!

Gold’s Daily Price Analysis

Gold prices were closed at $1791.05 after setting a high of $1800.85 and a low of $1785.20. On Tuesday, gold extended its losses and fell for the second session in a row, owing to higher US Treasury yields and improved risk sentiment in the market.

Treasury yields in the United States rose on Tuesday as market participants focused on positive economic conditions and discounted inflation fears at a 20-year bond auction. The US Treasury yield on the benchmark 10-year note rose for another day and reached 1.49%, weighing on gold as it increased the opportunity cost of holding non-interest-bearing precious metals.

On the other hand, the US Dollar Index was low on Tuesday as it continued its decline for the second session and reached as low as 96.34. The US dollar might also be getting weaker amid the prevailing risk appetite in the market, which countered the concerns about the rapidly spreading Omicron variant. On Tuesday, countries across Europe started imposing more restrictions on movement to stop the spread of the Omicron variant. Whereas, US President Joe Biden also appealed to all Americans to get vaccinated to fight the Omicron variant, which was spreading across the whole world days before the second Christmas of the pandemic.

The market's risk appetite returned after reports suggested that the US Food and Drug Administration was set to authorize COVID-19 treatment pills from both Pfizer and Merk as early as Wednesday. The news about the approval of Paxlovid (Pfizer) and Molnupiravir (Merk) pills by the FDA raised optimism in the market that it would help fight the Omicron variant, and hence, the risk-on market sentiment emerged, which ultimately had a negative impact on gold prices.

Furthermore, the risk sentiment was also pushed up by the statement from Moderna that a booster shot of its COVID-19 vaccine appeared to be protective against the rapidly spreading Omicron in its laboratory testing. Moderna emphasized that the current version of the shot would continue to be its first line of defense against Omicron. These Moderna comments increased risk appetite and weighed on safe-haven assets such as precious metal gold.

At 18:30 GMT, the current account balance of the US dropped to -215B against a projected -206B and weighed on the US dollar, which limited the decline in gold prices on Tuesday. No more data was released from the US side on the day, which kept the greenback under consolidation.

GOLD Intraday Technical Level

Support Resistance

1783.89 1799.54

1776.72 1808.02

1768.24 1815.19

Pivot Point: 1792.37

GOLD - Technical Outlook

Gold is gaining support at the 1,784 level, dropping from 1,791 pivot point level. On the 4-hour timeframe, gold has closed a Doji candle supporting weakness in the bullish bias. Therefore, the closing of candles under the 1,791 pivot point keeps gold under pressure. On the resistance side, gold’s major hurdle stays at 1,791, and above this, prices will be exposed towards the next resistance level of 1,797 and 1,806. Further on the higher side, the resistance stays at 1,813.

Gold’s immediate support stays at 1,784 levels. At the same time, a break below the 1,784 support might expose the gold price down to 1,775 or 1,766 level. The RSI and Stoch are signaling a downtrend in gold. All the best!