Gold’s Daily Price Analysis

Gold prices ended the day at $1776.70, with a high of $1788.40 and a low of $1773.30. After climbing in the previous two sessions, gold reversed course on Thursday. The decline in precious metals prices could be related to the strengthening of the US dollar as speculators took positions ahead of the US inflation data this week.

The US Treasury Yield on the benchmark 10-year note lost its three-day bullish trend on Thursday, falling to 1.47 percent. The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, regained all of its prior daily losses and rose to 96.34.

Traders were anticipating the release of the US Consumer Price Index report since it will have a direct impact on the Federal Reserve's monetary policy. Analysts predict that higher inflation figures will benefit gold and push its price closer to $1800, but low inflation figures will have a negative impact on gold.

The market's decreasing movement signalled that most traders expected inflation statistics to fall this month. However, one must not overlook the other variables influencing gold prices, such as concerns over the Omicron variant and future geopolitical tensions.

Uncertainties prevailed in the market as a result of the Omicron variation, rising tensions between Russia and the US, Western nations' diplomatic boycott of the Beijing Olympics, and US sanctions against Iran. Because of the precious metal's safe-haven status, these persisting difficulties provided support, limiting the day's slide in gold.

On the data front, at 18:30 GMT, Unemployment Claims from the previous week fell to 184K, versus an anticipated 218K, supporting the US dollar. At 20:00 GMT, the Final Wholesale Inventories jumped to 2.3 percent, versus the expected 2.2 percent, and the US dollar was weighted. Last week's good jobless claims report bolstered the US dollar and contributed to gold's downward trend.

The market's attention has switched to the release of the US CPI report on Friday, which will provide indications about the Federal Reserve's impending monetary policy. Ahead of this report, the cautious behaviour of investors also kept the gold market lower on Thursday.

GOLD Intraday Technical Level

Support Resistance

1778.41 1792.51

1772.23 1800.43

1764.31 1806.61

Pivot Point: 1786.33

GOLD - Technical Outlook

The XAU/USD is currently trading at $1,777, having fallen below the $1,782 support level. The precious metal has breached an upward trendline support at 1,782 mark on the 2-hour period. The closure of candles below this level creates further leeway for selling until next support mark of 1,774. trendline, which supports gold's rise.

The 50-day exponential moving average at 1,780 represents a significant barrier for the precious metal. A surge in selling pressure below 1,780 might trigger a downward slope until 1,774 or 1,770. Conversely, a break beneath 1,774 would allow for more selling till the 1,762 level. All the best!

Daily Price Outlook

The EUR/USD pair achieved an intraday high of 1.1345 and is holding close to that level as the Asian trading session begins. Despite a negative market mood and increased US government bond yields, the shared currency recovered against the greenback. The US dollar is falling across the board, though the losses are unequal. The EUR and AUD are the top-performing currencies, while the GBP is the worst.

Speculative interest is not focused on US government bond yields, which have reached new weekly highs. Concerns about inflation may have been eclipsed in part by US Federal Reserve Chair Jerome Powell's statement that policymakers would examine speeding up tapering at their December meeting. Meanwhile, the 10-year Treasury note yield is 1.52 percent, and US indexes are neutral, remaining close to their opening levels.

The EU did not provide any important macroeconomic data, however, the US announced MBA Mortgage Applications for the week ending December 3, up 2% from the previous month. The country also released the October JOLTS Job Openings report, which revealed that job openings grew to 11.0 million on the last business day of October, while hires remained stable at 6.5 million and total separations fell to 5.9 million. Germany will announce the October Trade Balance on Thursday, while the United States will post Initial Jobless Claims for the week ending December 3.

European stock markets fell Friday, reversing some of the week's gains as investors assessed the implications of the Omicron Covid variant and dismal UK GDP figures before critical US inflation data release. At 3:40 a.m. ET (0840 GMT), the DAX in Germany was down 0.4 percent, the CAC 40 in France was down 0.5 percent, and the FTSE 100 in the United Kingdom was down 0.2 percent.

According to data released earlier Friday, the United Kingdom's economy barely grew in October, even before the introduction of the Omicron coronavirus type. Gross domestic product increased by only 0.1 percent, falling short of the predicted 0.4 percent increase and decreasing considerably from monthly growth of 0.6 percent in September.

This meant that the economy remained 0.5 percent smaller than it was in February 2020, shortly before the initial Covid-19 lockdown, and additional improvements are expected to be difficult to achieve given the current restrictions imposed to combat the virus. The figures did little to affect the market's conviction that the recent spread of Omicron will delay the Bank of England's rate hike until the new year.

The main European indices, along with most global stock markets, have gained ground this week, aided by research indicating that the Omicron variant of the Covid-19 virus causes less severe reactions in patients than prior versions. Incorporate news, Daimler (OTC:DDAIF) Truck shares traded on the Frankfurt Stock Exchange for the first time on Friday, at 28 euros per share, following the commercial vehicle maker's separation.

EUR/USD Intraday Technical Levels

Support Resistance

1.1265 1.1332

1.1238 1.1372

1.1198 1.1399

Pivot Point: 1.1305

EUR/USD - Technical Outlook

The EUR/USD is trading at 1.1280 having dropped below the pivot point support level of 1.1305 level. Closing of candles under this level supports a selling bias in the EUR/USD. On the downside, the EUR/USD pair is heading lower towards 1.1265 support. The next support levels prevail at 1.1283 and 1.1198 levels.

On the other hand, the breakout of the 1.1305 level exposes the EUR/USD towards 1.1332 and the 1.1375 level. The RSI is holding in a selling zone, therefore, the bearish correction dominates below the 1.1305 level. All the best!

Bitcoin Price Prediction

Bitcoin fell for the first time in five trading sessions, with losses escalating after failing to maintain the upward momentum observed following the flash crash over the weekend. The largest digital token fell below $50,000, with losses extending in New York afternoon trading. As of 4:06 p.m., Bitcoin was down 6% to $47,602, while other digital assets were also down. Smaller coins, such as Monero and EOS, were particularly heavily hit. On a technical level, some analysts believe Bitcoin is stuck in a no-land man's between different moving averages. The coin could be forming a head-and-shoulders pattern, which would indicate a negative trend.

Meanwhile, Democratic lawmaker Alexandria Ocasio-Cortez said that she avoids any investments that could represent a conflict of interest, including crypto, and suggested her fellow lawmakers do the same. She elaborated that as a member of the House of Representatives Financial Services Committee, she felt that it was inappropriate for her to hold BTC or other digital assets because lawmakers have access to sensitive information and upcoming policy. She believes that doing so will only serve to keep her impartial in policymaking because she desires to do her job as ethically and impartially as possible.

Moreover, on Wednesday, chief executives of large cryptocurrency firms appeared before Congress to testify and provide information about their products and services as lawmakers struggled to bring the market within public policy and regulatory frameworks. This would improve lawmakers' understanding of the cryptocurrency industry and allow them to enact necessary regulations, which would have a negative impact on the entire industry, causing BTC to drop in value on Wednesday.

On the other hand, on Wednesday, Foundry Digital, a mining pool in the USA, became the top bitcoin miner as it launched a bitcoin mining rig marketplace called Foundryx. The company claimed that it had access to more than 40,000 mining machines ready for sale. The company has become the world's largest bitcoin miner in terms of hash rate. This news kept the losses in BTC/USD limited for the session.

Additionally, the third-largest holder of Bitcoin, Mystery Bitcoin Whale, added more than $150 million worth of BTC to their holdings following the latest price decline. A report from blockchain monitoring service BitInfoCharts suggested that an anonymous investor now holds close to $6 billion worth of BTC.

BTC/USD Intraday Technical Levels

Support Resistance

49834.4 51701.4

49034.7 52768.7

47967.4 53568.4

Pivot Point: 50901.7

BTC/USD - Technical Outlook

Bitcoin's price began a new drop from the $52,000 resistance level. BTC fell underneath the 100 hourly simple moving average after breaching the $49,000 support level. There was also a decline below $48,000, although the bulls were persistent near the $47,300 level. A bottom has been set near $47,298 and the price is presently correcting. The price rose just above $48,000 resistance level.

Bitcoin surpassed the 23.6 percent Fib retracement level of the decline from the $51,955 swing high to the $47,298 low. The price is currently trading below $49,500 as well as the 100 hourly simple moving average. On the upside, an immediate barrier is around the $49,000 mark. The next significant obstacle is located near the $49,500 level. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $49,900.

Gold’s Daily Price Analysis

Gold prices ended the day at $1784.60, with a high of $1794.25 and a low of $1789.15. Gold prices fell on Wednesday, owing primarily to higher US Treasury yields. Investors were wary about making big bids ahead of the US inflation report anticipated on Friday, which would cap precious metals' drop. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, fell to 95.85, weighing on the greenback and exacerbating the decline in gold prices. In contrast, US Treasury yields on the benchmark 10-year note resumed their optimistic climb and rose to 1.53 percent. That had a negative impact on gold and brought its prices even lower.

Pfizer and BioNTech presented a study from their laboratory experiments indicating that a booster shot of their coronavirus vaccine provides considerable protection against the rapidly spreading Omicron strain. This announcement increased market optimism about vaccine efficacy against Omicron and lessened fears of lockdowns, putting some pressure on safe-haven gold on Wednesday.

However, the current travel limitations, mostly in Europe due to the rising number of cases, provided some support to the yellow metal's decreasing values. Switzerland was dealing with a new high number of coronavirus infections, the United Kingdom reported roughly 51,343 new cases, and France saw an increase in COVID hospitalization.

Consumer credit fell to 16.9 billion at 01:00 GMT, falling short of the anticipated 24.9 billion, weighing on the US dollar on the data side. The JOLTS job openings increased to 11.03 million at 20:00 GMT, up from 10.45 million expected, supporting the US dollar. The macroeconomic data from the United States came in mixed on Wednesday, causing the US dollar to weaken, limiting the fall in gold prices.

Gold investors were looking forward to the release of US Consumer Price Index data on Friday, as it could impact the Fed's timeframe for withdrawing economic support before the next policy meeting on December 14 and 15. On Wednesday, decreasing gold prices could be attributed to rising Treasury yields as a result of bets on less stimulus and interest rate hikes, which tend to drive government bond yields higher and boost the opportunity associated with holding non-interest-bearing gold.

GOLD Intraday Technical Level

Support Resistance

1778.41 1792.51

1772.23 1800.43

1764.31 1806.61

Pivot Point: 1786.33

GOLD - Technical Outlook

Gold is currently trading at $1,783, rebounding from the 1,782 support level. On the 2-hour timeframe, the precious metal has created an upward trendline, indicating that gold is in an uptrend.

The 50-day exponential moving average supports the metal at a level of 1,782. A surge in demand over the 1,782 level can propel the market higher until it reaches 1,792 or 1,799. Conversely, a break beneath 1,782 allows for additional selling till the 1,774 level. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1342 after placing a high of $1.1356 and a low of $1.1264. EUR/USD reversed its course on Wednesday and recovered the loss of its previous 4-sessions amid the weakness of the US dollar. The currency pair EUR/USD managed to remain green for the day despite the rising number of coronavirus cases across Europe. The European Center for Disease Protection and Control (ECDC) has warned of a rise in deaths and hospitalizations due to the novel coronavirus in upcoming weeks. According to the agency, the lack of vaccination and the spread of the new Omicron variant will exacerbate the situation.

European countries have taken various measures to combat the spread of variants, including lockdowns for the unvaccinated and early closings for restaurants and bars. Switzerland saw a heavy number of new coronavirus cases, France registered a hike in COVID hospitalizations, and the UK recorded more than 51,000 new coronavirus cases. This weekend, Austria also placed a nationwide lockdown, and Poland moved to online schooling. This situation across Europe gave a negative impression on the single currency euro, but the currency pair EUR/USD still managed to remain high for the day.

The currency pair EUR/USD found support on Wednesday after risk-appetite returned to the market due to Omicron optimism driven by the report released by Pfizer and BioNTech. Both companies said that their vaccines against coronavirus hold significant efficacy against the Omicron variant with the booster shot. This news added optimism in the market that there was no need for lockdown and travel restrictions, but only a new shot of vaccine was required and added upward pressure on risk-related currency pairs like EUR/USD.

At 11:30 GMT, the French Final Private Payrolls for the quarter remained flat with expectations of 0.5%. On the US side, at 01:00 GMT, consumer credit fell to 16.9B against the anticipated 24.9B and weighed on the US dollar. At 20:00 GMT, the JOLTS job openings increased to 11.03 million, against a projected 10.45 million, and supported the US dollar.

The macroeconomic data from the US came in mixed on Wednesday and kept the US dollar under pressure, which ultimately pushed EUR/USD higher. Furthermore, US investors were waiting for the release of the US Consumer Price Index report, which is scheduled for Friday and will have a direct impact on the decision of the Federal Reserve regarding tapering economic support and the interest rate hike decision.

EUR/USD Intraday Technical Levels

Support Resistance

1.1286 1.1378

1.1230 1.1412

1.1195 1.1469

Pivot Point: 1.1321

EUR/USD - Technical Outlook

On Thursday, the EUR/USD tested the double top pattern at the 1.1354 level. Closing of candles under this level supports a selling bias in the EUR/USD. On the downside, an intraday pivot point level will be extended support at the 1.1320 mark. A surge in selling pressure can slice through the support level and expose the EUR/USD towards the 1.1284 or 1.1227 support levels.

On the other hand, the breakout of the 1.1354 level exposes the EUR/USD towards 1.1411 and the 1.1470 level. The RSI has entered the overbought zone, therefore, the bearish correction dominates below the 1.1354 level. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $50,503.4 after placing a $51,239.0 ad a low of $48,760.0. After placing gains for three consecutive sessions, BTC/USD dropped on Wednesday while maintaining the consolidated momentum. According to the Chairman and CEO of lending platform Celsius Network, Alex Mashinsky, the U.S. dollar was a distinctive form of payment, but it was a horrible store of value, whereas Bitcoin was a phenomenal store of value, but it was a pretty nasty form of payment. He acknowledged the store-of-value feature of BTC, but he also said that historically, users have regretted making the transaction in light of BTC's continued appreciation. These comments from Mashinsky had a negative impact on BTC/USD on Wednesday.

Meanwhile, Democratic lawmaker Alexandria Ocasio-Cortez said that she avoids any investments that could represent a conflict of interest, including crypto, and suggested her fellow lawmakers do the same. She elaborated that as a member of the House of Representatives Financial Services Committee, she felt that it was inappropriate for her to hold BTC or other digital assets because lawmakers have access to sensitive information and upcoming policy. She believes that doing so will only serve to keep her impartial in policymaking because she desires to do her job as ethically and impartially as possible.

Moreover, on Wednesday, chief executives of large cryptocurrency firms appeared before Congress to testify and provide information about their products and services as lawmakers struggled to bring the market within public policy and regulatory frameworks. This would improve lawmakers' understanding of the cryptocurrency industry and allow them to enact necessary regulations, which would have a negative impact on the entire industry, causing BTC to drop in value on Wednesday.

On the other hand, on Wednesday, Foundry Digital, a mining pool in the USA, became the top bitcoin miner as it launched a bitcoin mining rig marketplace called Foundryx. The company claimed that it had access to more than 40,000 mining machines ready for sale. The company has become the world's largest bitcoin miner in terms of hash rate. This news kept the losses in BTC/USD limited for the session.

Additionally, the third-largest holder of Bitcoin, Mystery Bitcoin Whale, added more than $150 million worth of BTC to their holdings following the latest price decline. A report from blockchain monitoring service BitInfoCharts suggested that an anonymous investor now holds close to $6 billion worth of BTC.

BTC/USD Intraday Technical Levels

Support Resistance

49834.4 51701.4

49034.7 52768.7

47967.4 53568.4

Pivot Point: 50901.7

BTC/USD - Technical Outlook

The price is now trading over $49,500 and the 100 hourly simple moving average. On the upside, an immediate barrier is near the $50,400 level. The next significant obstacle is located near the $50,500 level. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $50,500.

If bitcoin fails to break over the $50,500 barrier level, it may continue to fall. On the downside, there is immediate support near the $50,000 mark and the 100 hourly SMA. The first significant support is already emerging near $49,000. A break below the $49,000 support level may intensify selling pressure. The bears' next target could be $47,200.

Gold’s Daily Price Analysis

Gold prices plunged on Tuesday's Asian session as the dollar and US Treasury yields rose, although rising inflation and worry over the Omicron coronavirus variety restricted losses, and investors remained focused on US consumer prices data anticipated later this week. Spot gold lost 0.3 percent to $1,778.09 per ounce at 01:42 p.m. ET (1842 GMT), while US gold futures fell 0.3 percent to $1,779.50.

The greenback strengthened, making gold more expensive for foreign buyers, while 10-year Treasury yields in the United States rose. Global stock markets made a muted recovery following last week's selloff, which was fueled by concerns about the spread of Omicron. "Gold is going to remain in a choppy trading environment as there is a push-pull in the market; on one side, the market is anticipating faster tapering, and on the other, there is safe-haven demand at the idea of inflation running hot," said David Meger, director of metals trading at High Ridge Futures.

On Friday, consumer pricing statistics will provide fresh clues about the Federal Reserve's monetary plan in the United States. According to Saxo Bank analyst Ole Hansen, a softer CPI reading, though unexpected, might diminish some of the focus on interest rate hikes in 2022, while more volatility in stock markets into December could also push some safe-haven demand into gold.

Increases in interest rates increase the potential cost of owning non-yielding bullion. The spot price of silver declined 1.2 percent to $22.25 per ounce. Platinum, the auto-catalyst metal, increased 0.4 percent to $935.73, while palladium rose 2% to $1,846.27.

"Auto demand is expected to increase in 2022 as vehicle production recovers marginally after two consecutive years of weakness," Heraeus precious metals analysts noted in a note. "Palladium will gain from higher loadings in China to meet stricter emission regulations, while platinum demand will be boosted by increased use in heavy-duty vehicles and some palladium substitution in gasoline vehicles."

A softer CPI reading, however unexpected, might shift some of the attention away from interest rate hikes in 2022, while further volatility in global markets into December could also drive some safe-haven demand into gold, according to Hansen.

Bullion climbed 1% on Friday as data revealed that employment growth in the United States slowed significantly in November. The results, however, did little to change predictions of a speedier reduction of economic assistance.

GOLD Intraday Technical Level

Support Resistance

1771.64 1791.21

1758.71 1798.57

1751.76 1811.14

Pivot Point: 1778.98

GOLD - Technical Outlook

On Tuesday, gold’s technical outlook continued to remain unchanged amid a lack of high-impact events. On the hourly timeframe, the precious metal gold is consolidating in a symmetrical triangle pattern that’s supporting it at the 1,776 level. While the resistance continues to stay at 1,780, The RSI and Stoch are holding in a sell zone. Therefore, the violation of the support level at 1,776 exposes the metal price towards 1,773 or 1,768 support levels. On the bullish side, the violation of pivot point resistance at 1,780 exposes the metal price towards the 1,785 or 1,787 mark. All the best!

Daily Price Outlook

The EUR/USD coin extended its early-day bullish bias and climbed back to the intra-day high around the 1.1292 level as the currency pair cheered the US dollar's weakness amid a lack of significant data events. Furthermore, the market's reaction to new inflation fears raised by European Central Bank (ECB) officials could also be linked to the pair's bullish run-up. Meanwhile, falling fears over a South African COVID version known as Omicron helped keep EUR/USD prices bid.

The EUR/USD currency pair, on the other hand, benefited further from the market's bullish sentiment, which was bolstered for several reasons. First, as indicated by the 10-year breakeven inflation rate from the St. Louis Federal Reserve (FRED) data, the recovery in US inflation expectations is challenging EUR/USD bulls. Meanwhile, for October, the dismal German factory orders were down 6.9% m/m versus +1.8 percent previously capped the EUR/USD pair's upside momentum. The EUR/USD currency is currently trading at 1.1290 and consolidating in the range between 1.1276 and 1.1293.

Despite a lack of large data/events, the market appears to be upbeat due to a lack of prominent virus-related deaths and anticipation of discovering a cure for the COVID-19 strain, especially after China and Australia catalysts are out. The news that Omicron patients had very mild symptoms helped to calm the global risk sentiment. This alleviated concerns about the new coronavirus's economic consequences and restored investor confidence, as seen by a positive tone in the equity markets.

Furthermore, the Reserve Ratio Requirement (RRR) activities of the People's Bank of China (PBOC) and Japan's willingness to record stimulus also played a major role in supporting the market's trading sentiment. As a result, the EUR/USD prices benefit from the risk-on market, but the recent rise in US inflation expectations, as indicated by the 10-year breakeven inflation rate from the St. Louis Federal Reserve (FRED) data, adds to the pressure on the pair's prices.

Elsewhere, the subdued US dollar price action was also seen as one of the key factors that helped the EUR/USD currency pair stay bid. The broad-based US dollar failed to extend its early-day gains and lost some of its traction as the market's upbeat mood tends to undermine the safe-haven dollar. Even though there is still much ambiguity about Omicron's health and economic implications, investors have welcomed news from South Africa that a large wave of hospitalizations has not accompanied the exponential growth in Omicron infections. Thus, the US dollar's bearish bias keeps the EUR/USD pair up.

Moving forward, the second reading of the Eurozone Q3 GDP, as well as October's ZEW sentiment data for the bloc and Germany, will be critical for the EUR/USD prediction in the immediate term. Meanwhile, the lack of essential data or events could limit market swings, at least until Friday's release of the US Consumer Price Index (CPI). Following that, the Federal Reserve's meeting next week will also be key to follow.

EUR/USD Intraday Technical Levels

Support Resistance

1.1262 1.1308

1.1242 1.1331

1.1219 1.1352

Pivot Point: 1.1287

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD is trading choppy at 1.1287 level, tossing in between a symmetrical triangle pattern. On the 4-hour timeframe, the EUR/USD is gaining immediate support at the 1.1287 level and resistance at 1.1308.

A break below the 1.1287 pivot point exposes the EUR/USD price to the 1.1263 and 1.1240 levels. Alternatively, the break above 1.1308 exposes the pair towards the 1.1331 or 1.1352 level. The RSI and Stoch RSI are still below 50, demonstrating a selling trend. The bullish bias dominates over the 1.1280 level and vice versa; all the best!

Bitcoin Price Prediction

The BTC/USD coin succeeded in stopping its previous day's bearish bias and climbed back to the $51,000 level. Bitcoin is regaining ground and trades for more than $51,000 against the US dollar. After strengthening overnight in line with equity markets and other risk assets, bitcoin climbed 1.5 percent on the day, but many crypto traders remained on edge following Saturday's steep and unexpected drop.

On Saturday, Bitcoin plummeted as much as 22% to just under $42,000 due to profit-taking and macro-economic concerns. According to reports, an institution sold over $500 million worth of bitcoin, causing "aggressive liquidations" in the crypto derivatives market and causing the price to plummet. However, the losses were short-lived, and prices recovered considerably later in the session.

This is because people's sentiment towards cryptocurrency is still positive, and market sentiment is improving, as evidenced by Monday's risk-on mood. According to Edison Pun, senior market analyst at Saxo Markets in Hong Kong, Omicron's effect appears to be far milder than the market has absorbed. At this time, the BTC/USD currency is currently trading at 51,060.9 and consolidating in the range between 50,378.7 and 51,351.1. Moving ahead, the new downtrend may begin if bitcoin fails to break through the $51,000 barrier level.

According to data from cryptocurrency analytics firm Santiment, after the weekend's cryptocurrency market slump, investors' interest in buying the dip skyrocketed, with the usage of the word "buy the dip" on social media reaching its highest level in three months. This report has an additional positive impact on BTC prices.

Meanwhile, broad-based US dollar strength was seen as one of the critical factors holding back any further gains in BTC/USD prices. On Tuesday morning, the dollar was higher in Asia as fears over the omicron COVID-19 version began to fade. Even though there is still much uncertainty about Omicron's health and economic implications, investors have reacted positively to news from South Africa that a massive wave of hospitalizations has not accompanied the exponential growth in Omicron infections. The US Dollar Index Futures, which measures the value of the US dollar against a basket of other currencies, fell 0.9% to 96.245.

BTC/USD Intraday Technical Levels

Support Resistance

47983.49 51334.80

45895.12 52597.74

44632.18 54686.11

Pivot Point: 49246.43

BTC/USD - Technical Outlook

Bitcoin is trading with a bullish bias, having reached the resistance area of 51,335 level. Closing of candles below 51,334 level extends solid resistance to BTC. However, a spike in demand can slice through the 51,334 resistance level to expose its price towards 52,600 or 54,586 levels.

On the bearish side, the pivot point support prevails at 49,246 level, and violation of this exposes BTC/USD towards 45,895.12 or 44,632.18 level. The technical indicators such as RSI and Stoch support an uptrend; therefore, bullish bias dominates over 49,246 levels, all the best!

Gold’s Daily Price Analysis

Gold prices jumped over 1% on Friday, as the Omicron coronavirus variety and a drop in US Treasury yields bolstered the safe-haven metal's attractiveness. Gold was up 0.9 percent at $1,785.29 per ounce (2012 GMT). Gold futures in the United States closed 1.2 percent higher at $1,783.90.

Gold is serving from a flight to safety as investor concerns over a speedier Fed taper and the COVID scenario as both Delta and Omicron offer a risk to the short-term growth forecast," says Edward Moya, senior market analyst at brokerage OANDA. "Gold's end-of-week performance is notable since it coincides with curve flattening and high anticipation for a quicker Fed taper."

Sentiment in broader financial markets remained negative, with the Nasdaq down more than 2% as conflicting US job data and concerns over the Omicron coronavirus subtype weighed. The 10-year bond yield in the United States fell below 1.4 percent for the first time since September, lowering the opportunity cost of keeping non-interest-bearing gold.

On the other hand, gold was on track for its third consecutive weekly loss, down 0.4 percent, as Fed speakers sounded hawkish on stimulus reduction and interest rates. Data released on Friday revealed that employment growth in the United States slowed significantly in November, although the unemployment rate fell to a 21-month low of 4.2 percent, indicating that the labor market was fast strengthening.

When the Fed meets later this month, policymakers are expected to speed the winding down of their bond-buying program in response to an improving job market and seek to open the door to quicker rate hikes than previously anticipated.

Rising US interest rates raise the opportunity cost of storing non-yielding bullion; hence gold is very susceptible to rising US interest rates. Spot silver rose 0.6 percent to $22.51 per ounce in other news. Platinum dropped 1.1 percent to $927.07, while palladium rose 1.2 percent to $1,802.51.

GOLD Intraday Technical Level

Support Resistance

1771.64 1791.21

1758.71 1798.57

1751.76 1811.14

Pivot Point: 1778.98

GOLD - Technical Outlook

On Monday, the precious metal gold was trading with a bullish bias at the 1,782 level, having bounced off the major support level of the 1,766 level. On the bullish side, gold has violated the 1,778 pivot point level and now it’s heading towards the 1,791 level. Increased buying pressure supports the uptrend above the 1,778 level and exposes the metal price towards the 1,786 and 1,792 marks.

On the bearish side, immediate support prevails at the 1,778 level and a break below this level exposes the metal price towards 1,771 and 1,766 levels. The RSI and MACD are holding above 50, in the buying zone, so the bullish bias dominates over the 1,778 level. All the best!