Daily Price Outlook

The EUR/USD closed at $1.1283 after hitting a high of $1.1303 and a low of $1.1260. The EUR/USD pair surged for another session on Tuesday amid the US dollar’s weakness as well as the prevailing risk-on market sentiment. The US Dollar Index, which measures the greenback’s value against the basket of six major currencies, fell to 96.34 and weighed on the US dollar, ultimately pushing the currency pair EUR/USD to the upside. Meanwhile, the single currency was also high onboard amid the return of risk appetite in the market.

The fears related to the Omicron variant and its impact on global economic recovery eased on Tuesday after the US Food and Drug Administration decided to authorize the COVID-19 treatment pills by Pfizer and Merk. Both companies have successfully developed pills to cure the coronavirus with Paxlovid from Pfizer and Molunpirvir from Merk, raising optimism in the market that these pills will provide some protection against the deadly Omicron variant.

Furthermore, another famous pharmaceutical company, Moderna, said that its currently available vaccine could provide significant protection against the Omicron variant of coronavirus with a booster shot, as per their laboratory tests. This news added the risk-on market sentiment and pushed the riskier currency pair EUR/USD further to the upside on Tuesday.

At 12:00 GMT, the German GfK Consumer Climate dropped to -6.8 against the projected-2.6, weighed on the Euro, and capitulated further gains in EUR/USD. At 19:57 GMT, consumer confidence in Europe remained flat, with an expectation of -8. From the US side, at 18:30 GMT, the current account from the US showed a deficit of 215B against the forecasted 260B and weighed on the US dollar, which pushed EUR/USD further to the upside.

Meanwhile, the gains in EUR/USD remained limited for Tuesday as the single currency euro was finding it hard to remain higher in the market due to the rising number of coronavirus cases all over Europe. Consumer confidence in Europe’s largest economy, Germany, was also lower in December, keeping the Euro under pressure.

Germany was facing the fifth wave of the coronavirus as the effects of the fourth wave had still not disappeared. The Christmas trade was also disturbed by the restrictions imposed around the country amid the Omicron variant. The Omicron variant could infect or re-infect the vaccinated and recovered COVID-19 people was increasing concern in the market. Evidence also suggested that the Omicron variant was spreading significantly faster than the Delta variant, and this was weighing on the single currency Euro, which kept the EUR/USD gains limited.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1261 1.1304

1.1239 1.1325

1.1218 1.1347

Pivot Point: 1.1282

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD is trading at the 1.1268 level, gaining immediate support at the 1.1260 level. The direct currency pair’s immediate resistance stays at 1.1279 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1279 resistance level exposes the pair towards 1.1300 or 1.1325 resistance levels.

Alternatively, the support levels continue to hold at 1.1250 and 1.1235. A bearish breakout increases the chances of a downtrend until the 1.1215 support zone. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $48,923.0 after hitting a high of $49,352.0 and a low of $46,683.0. The BTC/USD pair rose for a second day on Tuesday, recouping some of its previous day's losses as market sentiment toward cryptocurrency improved.A cryptocurrency investment platform based in Vienna, Bitpanda, has launched its first exchange-traded cryptocurrency note, which will track the price of BTC and will be traded in euros. The investment platform, worth $4.1 billion, has said that it plans to add more Crypto ETC products in 2022. The Bitpanda Bitcoin ETC is physically backed by bitcoin and is listed on Deutsche Boerse'sXetra market.

Xetra has hosted ETPs from 21 Shares, ETC Group, and Wisdom Tree. However, the introduction of physical cryptocurrency-backed-ETPs has not favored the U.S. According to Bitpanda, issuing an entirely EU-based BTC ETC with the euro as its base currency will offer exposure to an alternative asset class. This news added to the positive sentiment in BTC/USD on Tuesday and pushed its prices higher.

Another factor contributing to the rise in BTC/USD prices could be China's cryptocurrency ban. Some experts think that Houbi completed its China exit last week, which might have slowed the selling pressure from Asia and pushed BTC/USD higher. China's cryptocurrency exchange Huobi said in September that it would retire all existing users in mainland China by the end of this year amid the tougher measures on crypto trading announced by China. As a result, the reduced selling pressure from Asia added upside pressure to BTC/USD.

Meanwhile, the U.S. dollar was also weak across the board, which ultimately added further upside pressure on the BTC/USD pair, as both share a negative correlation. The US Dollar Index, which gauges the greenback's value against a basket of six major currencies, fell to 96.34 after the risk-on sentiment emerged in the market. The optimism prompted by the news of corona virus pills' authorization by the U.S. FDA eased concerns about the Omicron variant. The pills from Pfizer and Merk will be used to treat corona virus and reduce its impact on the global economic recovery. All these reports had a negative impact on the safe-haven U.S. dollar and helped BTC/USD remain higher for the day.

BTC/USD Intraday Technical Levels

Support Resistance

47286.6 49955.6

45650.3 50988.3

44617.6 52624.6

Pivot Point: 48319.3

BTC/USD - Technical Outlook

Bitcoin price created a base and began a new upward trend over the $46,500 barrier. BTC accelerated its rise above the $47,500 mark and the 100 hourly simple moving average. The price rose so far that it burst through the $48,500 resistance level. A convincing rise over the 76.4 percent Fib retracement level of the crucial fall from the $48,289 swing high to the $45,600 low was observed. The bulls even drove the price above $49,000.

A high has been made near $49,600, and the price is presently showing several optimistic signs. For instance, on the hourly chart of the BTC/USD pair, a key ascending channel is building with support near $48,750. The significant initial support is close to $49,000. It is close to the 50% Fib retracement level of the upward advance from the swing low of $48,295 to the high of $49,600. A break below $49,000 might take the price towards the $48,500 support, below which it could test $48,800.All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1792.20, with a high of $1804.60 and a low of $1789.05. After climbing for the previous two sessions, gold reversed course on Monday and fell. Despite a weakened US dollar, gold remained under pressure, owing mostly to higher US Treasury yields. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, dipped to 96.55 on Monday, while the US Treasury Yield on the benchmark 10-year note rose to 1.42 percent, making non-yielding metal more expensive for holders.

Concerns about the impact of the Omicron version and tougher COVID-19 regulations also weighed on global equities. The precious metal, on the other hand, went down as safe-haven inflows halted. Analysts concluded that gold's allure was fading as the holiday approached, and that traders were no longer totally engaged.

Fed Governor Christopher Waller hinted at a probable rate hike when the bond cutting ends in March 2022. This news increased risk appetite in the market and weighed on gold, as a rate hike by the US Federal Reserve would raise the opportunity cost of holding non-interest-bearing gold.

On the statistics front, the CB Leading Index rose to 1.1 percent at 20:00 GMT, exceeding the anticipated 0.9 percent, bolstering the US dollar and contributing to the precious metal's decline on Monday. On Monday, China's Foreign Minister, Wang Yi, detailed the country's diplomatic goals for the coming year. He stated that while Beijing supports mutually beneficial cooperation and healthy competition with the US, it is not afraid of confrontation.

According to Yi, China's position was constant and unambiguous. Cooperation should be reciprocal; dialogue should be equal. Competition should be beneficial rather than detrimental. He also stated that China is not frightened of conflict and will fight to the last end. While the phase-one trade agreement between the world's two largest economies was set to expire at the end of the year, China's comments provided conflicting perspectives on US-China relations. Both parties are involved in trade negotiations at various levels and on a regular basis.

According to China, the US supply side was interfering with China's ability to reach purchasing targets. Furthermore, in order to minimize the rising number of illnesses caused by the Omicron variety, a growing number of countries are decreasing the wait time for COVID-19 vaccination boosters from six months to as little as three. Evidence suggested that the Omicron variety was spreading quicker than its predecessor, Delta, prompting this reaction.

Some scientists, however, believe that administering booster shots too soon may jeopardize the amount of long-term vaccine protection. Many studies have shown that the first two vaccinations were insufficient to prevent infection from the Omicron variety, but a booster shot may be beneficial. Countries have also begun to give booster shots to their citizens in order to prevent the rapid spread of variations, despite the fact that booster doses must be administered after six months. This news could have lowered gold prices by raising risk appetite.

GOLD Intraday Technical Level

Support Resistance

1785.96 1801.51

1779.73 1810.83

1770.41 1817.06

Pivot Point: 1795.28

GOLD - Technical Outlook

On Tuesday, the yellow metal gold is gaining support at the 1,791 level. On the 4-hour timeframe, gold has closed a Doji candle supporting weakness in the selling bias. Therefore, the bounce-off is likely in gold prices today. On the resistance side, gold’s major hurdle stays at 1,795 (pivot point mark), and above this, prices will be exposed towards the next resistance level of 1,800 and 1,810.

Gold’s immediate support stays at 1,790 levels. At the same time, a break below the 1,790 barriers might expose the gold price down to 1,784 or 1,778 level. The RSI and Stoch are signaling a downtrend in gold. All the best!

Daily Price Outlook

The EUR/USD ended the day at $1.1275 after reaching a high of $1.1305 and a low of $1.1234.The EUR/USD pair surged on Monday and managed to recover half of its previous day’s losses amid the declining price of the US dollar. The DXY was low on Monday after it reached 96.55 levels, despite the looming Omicron variant fears and its impact on global economic recovery. It looks like traders were off to book profits while entering the holiday season with less participation from them.

At 14:00 GMT, the current account balance of the whole Eurozone dropped to 18.1B against the forecasted 20.3B and weighed on the single currency Euro, limiting the gains in the EUR/USD pair. From the US side, the CB Leading Index rose to 1.1%, against the predicted 0.9%, and supported the US dollar, capping further gains in the EUR/USD pair.

Furthermore, the single currency euro was moving higher on Monday and was the best performing G10 currency during the session, mainly because of the news that the European Union drug regulators gave the green light to a fifth COVID-19 vaccine for use in the 27th nation bloc. The European Medicines Agency decided to grant conditional marketing authorization for the vaccine for people aged 18 and over, developed by US biotech company Novavax.

The euro's strength was also aided by a reduction in risk-off market sentiment after countries around the world decided to reduce the wait time for a booster shot of vaccine from 6 months to as little as 3.This decision came after the Omicron variant started to spread rapidly and was more immune against COVID-19 vaccines than its predecessor, the Delta variant. The hope that the booster shot would provide a fair chance against the Omicron variant brought back risk appetite and supported riskier currency pairs like EUR/USD.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1237 1.1308

1.1200 1.1342

1.1167 1.1379

Pivot Point: 1.1271

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD is trading at the 1.1279 level, gaining immediate support at the 1.1272 level. The direct currency pair’s immediate resistance stays at 1.1307 level, and the closing of candles below mark is adding a bearish pressure on it. A rise in buying pressure and break above 1.1307 resistance level exposes the pair towards 1.1340 or 1.1379 resistance levels.

Alternatively, the support levels continue to hold at 1.1240 and 1.1203. A bearish breakout increases the chances of a downtrend until the 1.1158 support zone. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $46,898.00 after hitting a high of $47,541.00 and a low of $45,606.00. BTC/USD finished another day of consolidation with minor gains. A senior professor of international trade policy at Cornell University told CNBC that Bitcoin might not last that much longer as its blockchain technology is not very efficient.

Eswar Prasad criticized the leading cryptocurrency for its validation mechanism for transactions, which is environmentally destructive. He further said that bitcoin did not scale up very well. He believed that newer cryptocurrencies like Solana were better than BTC as they enabled DeFi platforms and websites to thrive and allowed the easy transfer and exchange of NFTs. These comments from cryptocurrency experts negatively impacted leading digital assets and further capped gains in BTC/USD on Monday.

According to a new study by the National Bureau of Economic Research, a small group of investors controls more of the supply of Bitcoin. The study revealed that 10,000 BTC account holders hold 5 million out of the 19 million coins in circulation, meaning 0.01% of the BTC holders control 27% of the total supply of coins worth about $232 billion.

According to crypto.com, about 114 million accounts hold bitcoin, and of those, 10,000 accounts hold about 5 million BTC. This study contrasts the statements from bitcoin advocates who have been saying for years that cryptocurrency was more democratic than fiat currency and that crypto was a way to redistribute financial power that has traditionally been in the hands of banks.

The study revealed that control of bitcoin was largely in the hands of a small group of investors and showed what bitcoin was spent on. The study also showed that 90% of bitcoin transactions resulted from a user buying something with BTC, but the transactions were made between a single user’s crypto accounts. Furthermore, on Monday, the Pennsylvania-based company Stronghold Digital Mining said that it was buying 9080 Bitcoin Rigs, which will add about 826 petahashes per second to its hash rate. These mining rigs will be installed in Stronghold’s reclamation and power generation facilities. This news also added some positive momentum in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

45822.4 47757.4

44746.7 48616.7

43887.4 49692.4

Pivot Point: 46681.7

BTC/USD - Technical Outlook

Bitcoin's price has fallen below $46,500 once more. BTC fell below $46,000, while bulls remained active near the $45,500 support level. A low was created near $45,600, and the price is now rising. The price appears to be building a double bottom pattern near $45,500. The price rose beyond the 23.6 percent Fib retracement level of the decline from the $48,289 swing high to the $45,600 low. The next significant resistance level might be $48,000, after which the price could surge to the $48,500 level. If the aforementioned double bottom pattern holds true, the price may move towards the $50,000 resistance zone. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1804.90, with a high of $1815.70 and a low of $1796.50. Despite the strength of the US dollar, gold continued its gains on Friday and rose for another session. This week, the precious metal remained high, posting its first weekly increase in five weeks after rising 0.8 percent. The US dollar fell this week when the Federal Reserve of the United States chose to withdraw its pandemic-era stimulus. This reduced the bullion price for holders of other currencies and increased gold prices.

Gold reached its highest level since November 26th during early trading hours on Friday, but it quickly lost its early gains and turned flat for the day after experiencing selling pressure in late trading hours due to the rising strength of the US dollar. The US dollar index, which measures the greenback's value against a basket of six major currencies, reversed direction and went green on Friday, recouping the majority of its previous daily losses and reaching 96.69. In contrast, the US Treasury Yield on the benchmark 10-year note maintained its bearish momentum, falling to its lowest level since December 6th, at 1.37 percent.

Given his estimates for inflation and labour market conditions, Fed Governor Christopher Waller stated on Friday that the Fed might raise interest rates immediately after the bank completes its asset purchases early next year. He also stated that he supports the plan to accelerate the pace of bond cutting beginning in January since it will allow for other monetary policy adjustments as early as spring to accommodate changes in the economic outlook. Waller's words added strength to the already surging US currency and drove it higher.

On the other hand, yellow metal increases could be attributed to growing concerns prompted by the fast-spreading Omicron variety. For example, the market saw a surge in demand for precious metals as a safe haven after New York state declared a record number of positive cases for the second day in a row, with approximately 22,000 instances. As Omicron spread, restaurants and bars were closing their doors before the holidays, despite no-restriction announcements from governments. On Friday, the United Kingdom reported over 25,000 confirmed cases of coronavirus, which was 10,000 instances more than the previous day.

Furthermore, the Group of Seven (G7) health ministers stated that the Omicron type of coronavirus was the most serious threat to global public health since it was fast spreading throughout the world after being reported in at least 77 countries. The growing number of warnings about the Omicron strain, as well as its continued spread over the world, increased the market's attraction to safe-haven assets, sending gold higher for the day.

GOLD Intraday Technical Level

Support Resistance

1799.09 1802.54

1797.22 1804.12

1795.64 1805.99

Pivot Point: 1800.67

GOLD - Technical Outlook

On Monday, gold contitnue to trade with a slight bullish bias at 1,803, having bounced off the support level of 1,795. Gold is likely to find immediate support at the 1,791 level in 2 hours timeframe. The closure of candles above this level indicates that gold is rising.

Gold’s next resistance stays on the upside at 1,814 levels. At the same time, a break over the 1,814 barriers might expose the gold price up to 1,829. The RSI and Stoch are signaling uptrend in gold. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1239 after setting a high of $1.1350 and a low of $1.1235. The EUR/USD dropped on Friday after rising for two consecutive sessions amid the strength of the U.S. dollar and the weakness of the single currency euro. The market sentiment was low, spurred by the monetary policy decisions announced by three of the most important central banks, as investors started booking their profits and rebalancing their portfolios. Meanwhile, the rising concerns related to the Omicron variant also supported the risk-off sentiment, which added pressure on risk-related currency pairs like EUR/USD.

The Omicron variant extended its spread rapidly and forced many European countries to re-impose lockdown measures. The latest country to announce a painful Christmas COVID lockdown was the Netherlands. The likelihood that more countries will re-impose lockdown restrictions as the Christmas and New Year holidays approach continued to support the risk-off market sentiment.

The White House medical adviser, Dr. Anthony Fauci, suggested that people get booster shots and always wear masks in crowded public spaces while traveling to meet their loved ones. He further said that traveling would only increase the risk of infection, even among vaccinated people. The number of COVID cases in the United States has increased by about 50% since the beginning of this month, which has bolstered the safe-haven appeal in the market, pushing the USD higher and adding stress to the EUR/USD currency pair.

At 12:00 GMT, the German PPI declined to 0.8% from the expected 1.4% and weighed on the euro on the data front. At 14:00 GMT, the German ifo Business Climate also dropped to 94.7, against an estimated 95.3, and weighed on the single currency euro. At 15:00 GMT, the final CPI for the year remained flat at 4.9%. The final core CPI also remained unchanged at 2.6%. Most of the data from Europe was unfavorable, which ultimately added more downward pressure on the EUR/USD currency pair.

Meanwhile, this week, three major central banks, including the Federal Reserve, the European Central Bank, and the Bank of England, announced their monetary policy decisions. The U.S. Fed and ECB kept their interest rates unchanged but decided to speed up their winding down of asset purchases to end the process by March. At the same time, the Bank of England became the first bank in history to announce a rate hike this month after the pandemic started two years ago. Market participants were pricing these events, taking profits, and balancing their portfolios, which kept the market sentiment lower for the day before the weekend, and riskier currency pairs like EUR/USD suffered.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1238 1.1247

1.1231 1.1251

1.1228 1.1257

Pivot Point: 1.1241

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1253 level, gaining immediate support at the 1.1234 level. The direct currency pair’s immediate resistance stays at 1.1273 level, and the closing of candles below this is pressuring on it. A rise in buying pressure and break above 1.1273 resistance level exposes the pair towards 1.1311 or 1.1348 resistance levels.

Alternatively, the support levels continue to hold at 1.1234 and 1.1197. A bearish breakout increases the chances of a downtrend until the 1.1158 support zone. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $46,716.50 after hitting a high of $48,283.00 and a low of $46,474.90. BTC/USD dropped on Sunday but remained consolidated as the market participants struggled to find a significant direction to move further. Bitcoin was under pressure over the weekend as the US Securities and Exchange Commission was continuously delaying decisions on Bitcoin exchange-traded funds (ETF) as it issued two fresh deadline extension notices. The SEC recently postponed two major BTC ETF offering proposals, Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust's Bitcoin ETF. The SEC now expects to decide whether to approve or disapprove or institute proceedings to determine whether to disapprove Bitwise BTC ETF and Grayscale BTC ETF on Feb. 1 and Feb. 6, respectively. The delay in the SEC's decision added negative pressure on BTC/USD over the weekend.

Furthermore, the rising US dollar price also added negative pressure on BTC/USD over the weekend. The US dollar was getting strength from the latest decision by the Federal Reserve to increase the pace of its bond tapering by 50% from January. Furthermore, it was also gathering strength from its safe-haven status, which was triggered by the rising fears of the Omicron variant and its impact on global economic recovery. The variant has reached 77 countries, and its spread has been continuously increasing, with a record-high number of daily cases being reported in the US, United Kingdom, and European nations. As a result, the strong US dollar put additional downward pressure on the leading cryptocurrency, as the two negatively correlate.

On the flip side, the Mexican retail chain Elektra and the South Korean-Japanese video-game publisher Nexon have announced that they accept bitcoin payments. With the help of a partnership with BitPay, one of the largest supermarket chains in Mexico has started receiving payments in Bitcoin. The supermarket will allow its customers to pay their bills in bitcoin instead of fiat currencies, and this news added some positive momentum surrounding BTC.

Furthermore, BitPay also announced a partnership with another major company, Nexon, to enable its customers to pay their bills in BTC. Players will be able to buy games like MapleStory, KartRider, Mabinogi, V4, and many more using BTC and ten more cryptocurrencies. The reason for including the digital asset payment method was players' growing interest in cryptocurrencies.

BTC/USD Intraday Technical Levels

Support Resistance

46033.2 47841.3

45350.0 48966.2

44225.1 49649.3

Pivot Point: 47158.1

BTC/USD - Technical Outlook

Bitcoin has begun a recovery wave above the $46,500 barrier level and cleared the $48,000 mark, but could not rise past the $48,200 mark.

A high near $48,289 was achieved, and the price corrected lower. It was trading below the 50 percent Fib retracement level of the upward run from the swing low of $45,520 to the high of $48,289. The bitcoin price is currently trading below $48,000 and the 100 hourly simple moving average.

On the upside, an immediate barrier is near the $47,000 mark. The first significant resistance is located near the $47,200 level and the 100 hourly SMA. On the hourly timeframe of the BTC/USD pair, a significant negative trend line is forming with resistance near $47,200.

Near the $46,500 level is the 61.8 percent Fib retracement level of the upward run from the $45,520 swing low to the $48,289 high. If the price falls below $46,500, it may move towards the $45,500 support. The next significant support level is near $45,000, below which there is a chance of a strong drop below $43,200.

Gold’s Daily Price Analysis

Gold prices were closed at $1798.20 after setting a high of $1800.70 and a low of $1775.70. Gold reversed course and moved higher on Thursday amid the persistent weakness of the US dollar. Gold moved up to the $1800 level on Thursday after the US dollar came under pressure amid the latest decision by the US Federal Reserve to speed up the withdrawal of its pandemic-era stimulus. This decision raised the market's risk sentiment and weighed on the safe-haven US dollar, which ultimately pushed gold higher as both have a negative correlation.

The US Dollar Index, which measures the greenback's value against the basket of six major currencies, fell for the second consecutive session and extended its decline to drop lower at 95.85. While the US Treasury Yield on the benchmark 10-year note fell on Thursday to 1.41%, dragging the greenback lower and helping to push yellow metal higher.

At 18:30 GMT, the Philadelphia Fed Manufacturing Index declined to 15.4 from the forecasted 29.6 and weighed on the US dollar on the data front. Unemployment claims increased to 206K from 196K expected, weighing on the dollar. Building permits increased to 1.71 million from 1.66 million expected, bolstering the US dollar. Housing starts increased to 1.68 million, exceeding the 1.57 million predicted, bolstering the US dollar. At 19:15 GMT, industrial production declined by 0.5%, against an expected 0.6%, and weighed on the US dollar.

The capacity utilization rate remained flat at 76.9%, as projected. At 19:45 GMT, the Flash Manufacturing PMI dropped to 57.8 from the anticipated 58.6 and weighed on the US dollar. The Flash Services PMI also declined to 57.5 from the predicted 58.9 and weighed the US dollar. Most of the economic data from the US was unfavorable, which dragged the US dollar and helped gold recover its previous losses on Thursday.

Furthermore, the rising prices of gold could also be attributed to the surprise rate hike delivered by the Bank of England on Thursday, which became the first central bank in the world to announce a rate hike in the aftermath of the coronavirus pandemic that damaged the global economy nearly two years ago. The Bank of England, along with the Federal Reserve, has warned that inflation unleashed by the pandemic was the one thing they had not expected. 1791.53 is the pivot point.

GOLD Intraday Technical Level

Support Resistance

1782.36 1807.36

1766.53 1816.53

1757.36 1832.36

Pivot Point: 1791.53

GOLD - Technical Outlook

On Friday, gold traded substantially higher at 1,803, breaching the bearish trendline at 1,789. Gold is likely to find quick support at the 1,789 level in 2 hours. The closure of candles above this level indicates that gold is rising.

Gold’s next resistance stays on the upside at 1,814 levels. At the same time, a break over the 1,814 barriers might expose the gold price up to 1,829. The RSI and Stoch are signaling uptrend in gold. All the best!

Daily Price Outlook

The ETH/USD ended the day at $3956.35, having reached a high of $4107.85 and a low of $3955.35. The ETH/USD pair dropped on Thursday and reversed course after rising for two consecutive days amid the prevailing market sentiment. As per the data from the tracking website Watch the Burn, around $800,000 worth of the second-largest cryptocurrency by market capitalization is currently being burned every hour. Every 60 minutes, around 202 ETH are burned, which means nearly $31 million worth of the cryptocurrency, 7642 ETH, are burned in a day. The net supply reduction for ETH stands at 56.02%.

Since ETH's burning mechanism was introduced, about $4.8 billion worth of ETH has been burned, while its total net issuance was $2.3 billion. The supply reduction helps Ethereum's inflation rate drop and could make the cryptocurrency deflationary if the burn rate gets high enough. Following the Fed's rate announcement on Wednesday, Ethereum reclaimed the $4000 level as the price of altcoins improved. In addition, the Federal Reserve released that it will not change interest rates, causing the primary cryptocurrency to react immediately. When ETH reclaimed its $4K level, the whole cryptocurrency market cap gained about $150 billion in a single day.

The Bank of Thailand was planning on introducing regulations on cryptocurrencies to reduce the risks associated with them added a negative impact on the whole market, and the second-largest cryptocurrency, ETH, also followed the trend and dropped on Thursday. Meanwhile, the low trading volume ahead of the holiday season also kept the price momentum subdued on Thursday, and the cryptocurrency ETH/USD remained on the back foot.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3905.19 4057.69

3854.02 4159.02

3752.69 4210.19

Pivot Point: 4006.52

ETH/USD - Technical Outlook

On Friday, the ETH/USD is trading at the $3,925 level. Above the $3,850 and $4,000 resistance levels, Ethereum began a steady comeback wave. ETH has even surpassed the $4,050 mark and the 100 hourly simple moving average. However, the price could not rise beyond the $4,080 and $4,100 resistance levels. Before the price began to fall, a peak was formed near $4,121. A move below the $4,050 and $4,000 support levels occurred.

On the hourly chart of ETH/USD, there was also a breach below a significant rising channel with support near $4,040. The pair is currently trading between $3,950 and the 100 hourly simple moving average.

The price fell below the 23.6 percent Fib retracement level of the bullish run from $3,650 to $4,121. On the upside, an immediate barrier is near the $4,040 mark. The next significant resistance is located near $4,080. A clear rise over the $4,080 mark and the recent higher could signal the commencement of a new uptrend in the short term.

The bulls' next target might be $4,120. Closing above $4,120 might lead to a rise towards $4,250.