Prelim GDP & Jackson Hole Symposium in Focus

Gold prices closed at $1793.25 on Aug 25, after hitting a high of $1804.75 and a low of $1784.30. Gold fell for the second day in a row, closing below $1800, amid the same market sentiment. Investors were waiting for clues on the Federal Reserve's monetary tapering timeline at the Jackson Hole symposium.

Aside from that, investors were taking profits at about this stage after significant gains, which could be driving bullion prices lower for Wednesday's trading session. Furthermore, the US dollar made a slight rebound on Wednesday, despite prices ending the day in the red. The greenback remained on the rise for the majority of the day, owing to better-than-expected macroeconomic data.

On the data front, the Core Durable Goods Orders for July soared to 0.7 percent against the anticipated 0.5 percent, supporting the dollar and adding to the loss of precious metals at 17:30 GMT. The Durable Goods Orders rose to -0.1% in July, beating expectations of -0.3%, bolstering the US dollar and putting further bearish pressure on gold prices.

The Durable Goods Orders rose to -0.1% in July, beating expectations of -0.3%, bolstering the US dollar and putting further bearish pressure on gold prices.

Upon rising to 93.12 throughout early trading hours, the US Dollar Index, which determines the dollar's value against a bundle of six major currencies, fell for the third straight session on Wednesday, reaching 92.82. The 10-year Treasury yield, on the other hand, jumped towards its 10-day high of 1.352 percent on Wednesday, bolstering the US dollar and putting more downward pressure on gold prices.

The Jackson Hole symposium, the primary driver of this week's market sentiment, could be blamed for the mixed market sentiment. People were expecting the US Federal Reserve to begin tapering until the end of the year, but macroeconomic data released throughout the month suggested otherwise. The mixed situations increased market uncertainty, which favored gold, and the current risk-off market sentiment pressures on gold, causing the precious metal to suffer throughout the week.

The same was true of the US dollar, which rose to its highest level in nine months due to high expectations that the Fed would announce tapering at the symposium. However, the profits were lost when the country's economic data showed a slow recovery slowdown, despite the Delta variant's rising spread. The dollar began to fall ahead of the symposium, owing to dwindling expectations for Fed tapering announcements.

The Fed chairperson, Jerome Powell, will deliver a speech at the Fed's symposium on Friday this week, streamed live online due to the rise in virus cases. Many investors were still expecting a less dovish tone after hearing the speech, which is expected to offer more light on the timing for withdrawing stimulus.

Furthermore, concerns about the spread of the coronavirus slowing the economic recovery managed to keep the safe-haven appeal alive in the market, preventing further declines in gold prices. According to a report released on Wednesday by the UK's Office for National Statistics, coronavirus was the ninth leading cause of death in England in July. It rose from 26th most common cause of death in June, raising concerns about the economy's recovery. According to the weekly data, the UK had its highest weekly death average ever last week, with 652 deaths, an increase of 6.7 percent. According to the figures, it was the deadliest week in the UK as of March, when the nation recorded 800 deaths over the week.

On the other hand, the White House received a new evaluation report from the US intelligence agency on the roots of COVID-19 on Tuesday. According to the report, it is impossible to say whether the new coronavirus emerged naturally or due to a slab leak. The tentative conclusion was attributed to China by two senior US officials, who stated that detailed data from China was lacking.

Gold Intraday Technical Level

Support Resistance

1783.45 1803.90

1773.65 1814.55

1763.00 1824.35

Pivot Point: 1794.10

Gold - XAU/USD - Technical Outlook

On the technical front, the yellow metal trades with a bearish bias at the 1,787 level after getting rejected at the 1,791 resistance level. The 4-hour timeframe has violated the pivot point support level of 1,791level, which exposes the gold prices towards the next support level of 1,780 level. On the downside, a breakout of 1,780 support levels exposes the metal towards a 1,771 support zone.

On the higher side, a breakout of the 1,791 resistance level exposes the gold price towards the 1,801 level, and then the next resistance will prevail around the 1,808 level. The RSI value has entered the oversold zone, and therefore, the failure to break 1,780 support boost the odds for a bullish correction. Later today, the major focus will remain on the US GDP and Jackson Hole Symposium. All the best!

Prelim GDP & Jackson Hole Symposium in Focus

After hitting a high of $1.1775 and a low of $1.1725, the EUR/USD ended the day at $1.1770. The EUR/USD currency pair remained bullish for the fourth consecutive session on Wednesday, despite the US dollar's decline in value.

On Wednesday, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, fell for the third straight session, reaching 92.82, pushing the EUR/USD pair higher the day. The single currency Euro, on the other hand, has been under pressure for the day as a result of weaker-than-expected macroeconomic statistics. However, the currency pair managed to stay in the green during the day as traders concentrated on the US dollar's weakening rather than the Euro's. However, the currency pair managed to stay in the green during the day as traders concentrated on the US dollar's weakening rather than the Euro's.

On the statistics front, August's German Ifo Business Climate fell to 99.4 from 100.2 expected at 13:00 GMT, weighing on the single currency Euro and capping further advances in EUR/USD. For August, the Belgian NBB Business Climate fell to 7.6 from 9.1 expected at 17:56 GMT, weighing on Euro and limiting the rise in the EUR/USD currency pair.

For August, the Belgian NBB Business Climate fell to 7.6 from 9.1 expected at 17:56 GMT, weighing on Euro and limiting the rise in the EUR/USD currency pair.

On the US side, the Core Durable Goods Orders for July jumped to 0.7 percent against expectations of 0.5 percent at 17:30 GMT, bolstering the US dollar and capping further gains in the EUR/USD pair. In July, the Durable Goods Orders also rose to -0.1% from -0.3% expected, supporting the US dollar and keeping the EUR/USD pair's gains limited for the day.

In July, the Durable Goods Orders also rose to -0.1% from -0.3% expected, supporting the US dollar and keeping the EUR/USD pair's gains limited for the day.

On Wednesday, the US dollar was under pressure as fears over global economic recovery were alleviated a little when the US FDA officially authorized the Pfizer and BioNTech vaccine, which might speed up inoculations in the US. Furthermore, the Moderna vaccine is projected to get complete FDA approval in the coming weeks, increasing the number of persons who have been vaccinated in less time.

The market's attitude was lifted further by hopeful remarks from Dr. Anthony Fauci, the United States' top health expert, who predicted that the coronavirus would be under control by beginning next year. These good developments in the vaccination and coronavirus ecosystem boosted risk-on attitude, allowing the risky pair EUR/USD to finish the day in the green.

EUR/USD Intraday Technical Levels

Support Resistance

1.1730 1.1770

1.1709 1.1787

1.1691 1.1809

Pivot Point: 1.1784

EUR/USD - Technical Outlook

The EUR/USD is trading at 1.1774 with a slight bullish bias. In the 4-hour timeframe, the EUR/USD has violated the ascending triangle pattern that was extending resistance at the 1.1757 level. But now, this level has been violated, and it's going to extend support at the 1.1757 level. The continuation of a bullish trend exposes the EUR/USD pair towards 1.1774 and 1.1789 resistance levels. Whereas, the further upward movement will be prone to 1.1837 resistance levels.

The pair may find support around the 1.1757 level and a bearish break below 1.1757 exposes the pair towards the 1.1725 level. Investors' primary focus will stay on the Prelim GDP & Jackson Hole Symposium in Focus as this could drive price action during today's New York session. All the best!

Daily Pivot Point Breakout at $48,279 Level

The BTC/USD reached a high of $48,244.0 and a low of $48,158.0 before closing at $48,989.0. On Wednesday, the BTC/USD pair went green and stayed range-bound throughout the trading session. The use of bitcoin is growing as institutional investors shift their portfolios to digital assets, which has pushed the BTC/USD exchange rate higher. The global use of cryptocurrencies has exploded in the previous year, and Argentina and Venezuela, two Latin American countries, were listed among the top ten countries globally with the highest percentage of cryptocurrency users.

Vietnam topped the list, with India and Pakistan coming in second and third, respectively. Venezuela was ranked seventh, while Argentina was ranked tenth. On Wednesday, the growing popularity of cryptocurrencies boosted the entire crypto market, pushing BTC/USD prices higher.

On the other side, Koh Seung-beom, the Chairman of the Financial Services Commission, thinks that digital assets would not act like financial instruments. Therefore, they cannot be classified as financial assets because they do not function as real currency.

The President of Korea nominated Koh Seung-beom to become the Chairman of the FSC, but he expressed reservations about cryptocurrencies' ability to play a successful role in the economy. He also sided with the IMF's assessment because virtual assets are not yet ready to be used as national currencies.

The International Monetary Fund (IMF) has stated that bitcoin and altcoins are unpredictable and hazardous investments but can diversify a portfolio and generate considerable returns. Digital assets, according to the IMF, have a chance to prosper in nations with shattered economies and uncertain inflation. On Wednesday, additional increases in BTC/USD were stopped by mixed remarks from the IMF and unfavorable comments from Koh Seung-beom.

Meanwhile, El Salvador's Central American Bank of Economic Integration (CABEI) also urged other institutions to monitor bitcoin's influence on remittance costs. Remittances are a key part of El Salvador's Bitcoin adoption program, according to the bank. Dante Mossi, the executive president of CABEI, believes that if bitcoin succeeds in lowering the cost of remittances, other countries will seek to follow El Salvador's lead. He even described the country's acceptance of bitcoin as an "out of this world experiment" that may transform the country's financial industry. BTC/USD gained further more momentum as a result of Mossi's statements.

BTC/USD Intraday Technical Levels

Support Resistance

47683.4 49769.4

46377.7 50549.7

45597.4 51855.4

Pivot Point: 48463.7

BTC/USD - Technical Outlook

The leading cryptocurrency pair, BTC/USD, is trading sharply bearish at 47,090 level, having violated the pivot point support level of 48,279 level. On the downside, the pair is facing another support at the 47,091 level. However, the 47,091 support level breakout exposes the BTC/USD pair towards the 46,267 and 45,440 support zones.

At the same time, a further breakout of 45,440 levels exposes the BTC towards 44,850 support levels. In contrast, the breakout of the 48,275 resistance level exposes the Bitcoin towards 49,484 and 50500 levels. The RSI and 50 EMA are supporting a selling bias. Therefore, the focus should remain on 48,200 as the selling bias remains dominant below this level. All the best!

Durable Goods Orders m/m Ahead

After hitting a top of $1812.05 and a low of $1802.65, gold prices settled at $1803.75 per ounce. Gold rose to its highest level since August 5th during the early trading hours of Tuesday, despite falling dollar prices. However, after surrendering all of its earlier gains, the yellow metal failed to maintain its bullish trend and turned red for the day.

The U.S. Dollar Index, which measures the dollar's value against a basket of six major currencies, fell on Tuesday, extending its loss for the third straight day to 92.81, putting pressure on the greenback. The U.S. Treasury Yield on the benchmark 10-year note, on the other hand, jumped to 1.299 percent on Tuesday, pushing the greenback higher for the day and keeping yellow metal under pressure.

The yellow metal's range-bound movement on Tuesday could be related to investors' growing concerns that the rising coronavirus infections caused by the Delta variety would cause the U.S. Federal Reserve to delay announcing its plans to withdraw its economic support at the forthcoming Jackson Hole symposium.

The growing Delta variation spread heightened concerns about economic growth, forcing investors to expect the U.S. Federal Reserve to postpone tapering, and these expectations left the yellow metal under stress on Tuesday. Due to its reputation as a hedge versus inflation risks and currency weakness. On the other hand, gold prices have been stuck between conflicting messages from Fed officials about the possibility of reducing economic support.

Meanwhile, gold prices stayed above $1800 on Tuesday, indicating that the market was still concerned about the increasing Delta variation spread and supporting the yellow metal as a safe-haven asset.

On the statistics front, the Richmond Manufacturing Index for August fell to 9 from an anticipated 25 at 18:59 GMT, weighing on the U.S. dollar and capping additional losses in gold prices. At 19:00 GMT, New Home Sales in July jumped to 708K, beating expectations of 698K, bolstering the U.S. dollar and adding to the slide in precious metals.

Investors are growing concerned that the Federal Reserve will not unveil its plans for cutting economic support at the Jackson Hole symposium on Friday, based on August data indicating weak signals of improvement in the U.S. economy. The increased spread of the coronavirus because of the Delta variety and its impact on society could be the cause of the poorer-than-expected macroeconomic data in the United States.

Gold Intraday Technical Level

Support Resistance

1800.25 1809.65

1796.75 1815.55

1790.85 1819.05

Pivot Point: 1806.15

Gold - XAU/USD - Technical Outlook

Gold is trading with a bearish bias at the 1,796 level after testing the support level at the 1,793 level. The 4-hour timeframe has violated the pivot point support level of 1,796 level, which exposes the gold prices towards the next support level of 1,793 level. On the downside, the breakout of the 50% Fibonacci retracement level can extend further selling bias until the 64.8% Fibonacci retracement level of 1,789.

On the higher side, a breakout of the 1,806 resistance level could expose the gold price towards the 1,815 level, and then the next resistance will prevail around the 1,825 level. The RSI value is still in the sell zone. That means the breakout of 1,793 could drive more selling in gold. The major focus will remain on the core durable goods orders.

All the best!

German ifo Business Climate In Focus

After hitting a high of $1.1766 and a low of $1.1726, the EUR/USD ended the day at $1.1753. On Tuesday, the EUR/USD resumed its upward movement, rising for the third straight session as it recovered from multi-month lows. The key driver of the EUR/USD pair's price rise was weakening the U.S. dollar across the board. The U.S. Dollar Index (DXY) fell below 93 points on Tuesday after plunging more than 0.10 percent in a single day. On the other hand, 10-year Treasury yields increased to 1.29 percent on Tuesday, providing modest support to the U.S. currency.

The rising market optimism following the explicit permission of the Pfizer and BioNTech vaccination by the U.S. Food and Drug Administration maintained Treasury Yields higher on Wednesday. Investors began to hope for an economic revival. On the other hand, he has been under stress for the third straight session, owing to fears about economic recovery fueled by the spread of the Delta version of the coronavirus.

Additionally, the U.S. Dollar Index fell as investors lost faith that the Federal Reserve would not announce monetary stimulus tapering because economic data was a little erratic in August compared to recent months. On the statistics front, the German Final GDP for the quarter jumped to 1.6 percent at 11:00 GMT, beating expectations of 1.5 percent, bolstering the single currency Euro, which added to the EUR/USD gains.

The Richmond Manufacturing Index plummeted to 9 against the expected 25 at 18:59 GMT, weighing on the U.S. dollar, which helped further gains in EUR/USD. At 19:00 GMT, New Home Sales in July increased to 708K, up from 698K expected, bolstering the U.S. dollar and capping further increases in the EUR/USD currency pair.

Investors are now eagerly anticipating Fed Chair Jerome Powell's address, which will occur after the Jackson Hole symposium meeting. On the European front, European markets will be looking forward to releasing the ECB Monetary Policy Meeting reports on Thursday. As the data came in jumbled, it appears that the European economy lacked some of its momentum toward recovery in August. On the other hand, the European economy appeared to be on course for solid third-quarter growth, according to preliminary figures.

EUR/USD Intraday Technical Levels

Support Resistance

1.1730 1.1770

1.1709 1.1787

1.1691 1.1809

Pivot Point: 1.1784

EUR/USD - Technical Outlook

The EUR/USD hasn't changed much on the technical front as it's trading at 1.1734 with a slight bearish bias. In the 4-hour timeframe, the EUR/USD pair's immediate support prevails at the 1.1727 level. At the same time, the intraday pivot point is extending resistance at 1.1749 level. Therefore, the EUR/USD's immediate resistance stays at the 1.1749 level, and a bullish breakout of this level exposes the pair towards 1.1766 and 1.1787 levels.

The pair may find support around the 1.1720 level and a bearish break below 1.1720 exposes the pair towards the 1.1708 level. Overall, the pair isn't forming a higher high and higher low pattern anymore. Therefore, the upward trend in the EUR/USD pair seems weaker. The selling trend dominated the market on Wednesday especially below 1.1749.

Investors' primary focus will stay on the German ifo Business Climate as this could drive price action during today's European session. All the best!

Bitcoin Gain Support at $47,720 Level

The BTC/USD reached a high of $48,857.0 and a bottom of $46,604.0 before closing at $47,714.0. After breaking through $50,000 on Monday, BTC/USD ran into resistance and profit-taking, causing the coin to drop on Tuesday. On Tuesday, the BTC/USD pair turned red after regulators in Yingijang County, Yunnan Province, China, instructed hydropower facilities to stop selling power to bitcoin mining operations. The Yingjiang County People's Government issued a notification stating that power stations have until Tuesday, August 24, to remove mining businesses from their supply grid.

Officials will forcefully remove the supply of cryptocurrency mining facilities under their jurisdiction if the facilities refuse to divest mining facilities from their grid's illicit supply. This news added to the downward pressure on BTC/USD, which was already on the decline due to profit-taking.

The Yingjiang County government's notification also compels the power plants to submit the delisting of mining facilities to China's National Development and Reform Commission. The government will monitor the illicit power supply to bitcoin miners in this manner, ensuring that enforcement operations are effective.

On the other side, Citigroup, the world's largest bank, was waiting for bitcoin futures to be approved for trading on the Chicago Mercantile Exchange. Client demand for bitcoin exposure has surged, and if allowed, Citibank will join Goldman Sachs as the second big bank that offers Bitcoin bitcoin futures.

In contrast, Europe was preparing to issue its first Bitcoin futures while the United States struggled to gain regulatory approval. ETC Group, a producer of digital asset-backed securities, has announced that its Bitcoin ETN futures will begin trading on September 13. This announcement came as Citigroup, the world's largest bank, was waiting for confirmation of its Bitcoin futures, and it weighed on market sentiment, causing BTC/USD to lose even more ground.

Meanwhile, El Salvador's President, Nayib Bukele, has attempted to reassure citizens that adopting the Bitcoin Law will have a good impact on their lives. The law is set to go into effect on September 7, and officials worldwide, including opposition leaders party, are stressing the concerns that could arise as a result of its implementation. Bukele was optimistic that bitcoin would greatly relieve the country's economic troubles.

Bukele also announced the installation of 200 automated teller machines and 50 branches, letting locals change bitcoin into US dollars beginning September 7, when the Bitcoin Law goes into effect. On Tuesday, BTC/USD fell even further as a result of this news.

BTC/USD Intraday Technical Levels

Support Resistance

48893.0 50345.2

48248.8 51151.4

47442.7 51796.5

Pivot Point: 49700.1

BTC/USD - Technical Outlook

The leading cryptocurrency pair, BTC/USD, is trading at the 48,420 level, having violated the pivot point support level of 48,603 level. On the downside, the pair is facing another support at the 47,725 level. For now, Bitcoin has formed a sideways trading range of 48,600 – 47,722 levels and the breakout of this range will determine further trends in the market.

On the downside, a breakout of the 47,722 support level exposes the BTC/USD pair towards the 47,400 and 46,520 support zones. While further breakout of 46,520 levels exposes the BTC towards 46,319 support level. In contrast, the breakout of the 48,600 resistance level exposes the Bitcoin towards 49,484 and 50500 levels. The RSI and 50 EMA are supporting a selling bias. Therefore, the focus should remain on 48,600 as the selling bias remains dominant below this level. All the best!

Breaks Above 1796 Pivot Point

After a peak of $1809.05 and a low of $1778.05., gold prices settled at $1807.15. Following a five-day dip, gold prices reversed course on Monday, surging to their highest level since Aug 6. Most of the buying in gold was supported by the recent decline in the US dollar and the resurgent market for bullion as a safe haven.

Concerns that the Delta strain of the coronavirus could slow the rate of global economic recovery held gold's safe-haven appeal alive in the market and drove gold prices beyond $1800. On Tuesday, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, dipped to 92.95, putting pressure on the greenback. While the 10-year Treasury yield fell to 1.252 percent on Tuesday, it added to the US dollar's strength and supported the growing price of gold.

Last week's drop in retail sales, consumer confidence, and market volatility showed a slowdown in the United States' economic recovery speed. Meanwhile, the Delta coronavirus was rapidly spreading over the world, increasing concerns about macroeconomic stability. The cumulative number of reported cases worldwide has crossed 212 million, including 4.4 million deaths due to coronavirus.

President Joe Biden of the United States advised unvaccinated people to get their immunizations on Monday, citing the rapid spread of a highly dangerous Delta coronavirus version. Meanwhile, because the Delta was interfering with the country's economic recovery, the US Food and Drug Administration authorized the vaccine from Pfizer and BioNTech. Pfizer's vaccine was the first to get complete approval from the US Food and Drug Administration, and it will now be marketed name Comirnaty.

On the basis of revised data from clinical trials involving more than 40,000 people, the FDA decided to approve the vaccine for people aged 16 completely and up. Pfizer's vaccine was deemed to be 91 percent efficient in preventing coronavirus by the volunteers.

On the data front, the Flash Manufacturing PMI fell to 61.2 in August, vs. an estimate of 62.4, weighing on the US dollar at 18:45 GMT. Gold prices rose even higher as a result of this. The Flash Services PMI fell to 55.2 in August vs. a forecast of 59.1, putting pressure on the US dollar. Gold was pushed above the $1800 barrier as a result of this. At 19:00 GMT, Existing Home Sales increased to 5.99 million, up from 5.82 million expected, bolstering the US dollar and capping further advances in the yellow metal.

Gold Intraday Technical Level

Support Resistance

1787.11 1818.11

1767.08 1829.08

1756.11 1849.11

Pivot Point: 1798.08

Gold - XAU/USD - Technical Outlook

Gold is trading with a bullish bias at the 1,802 level after testing the resistance level at the 1,806 level. On the 4 hour timeframe has violated the pivot point resistance level of 1,796 level, which exposes the gold prices towards the next resistance level of 1,806 level.

The breakout of the 1,806 resistance level could expose the gold price towards the 1,815 level, and then the next resistance will prevail around the 1,825 level. Conversely, support prevails at 1,796 and a breakout below this level may expose the XAU/USD pair to 1,785 and 1,776 levels. The RSI value is still in the sell zone. That means the breakout of 1,806 has the potential to drive additional buying in gold.

All the best!

UK Manufacturing and Services PMI

After hitting a high of $1.1751 and a low of $1.1691, the EUR/USD was closed at $1.1743. On Monday, amid recent weakness in the US dollar due to weaker-than-expected macroeconomic data, EUR/USD reversed direction and began rising.

After the market's risk sentiment improved, the selling pressure on the US dollar increased. On Monday, the US Dollar Index, which measures the value of the dollar against a basket of six major currencies, dipped to 92.9, adding to the rising price of the EUR/USD currency pair.

On the data front, the French Flash Manufacturing PMI stayed unchanged at 12:15 GMT, with forecasts of 57.3 for August. The French Flash Services PMI maintained at 56.4, which was in line with expectations. The German Flash Manufacturing PMI fell to 62.7 in August, vs a forecast of 65.1, weighing on the single currency Euro, which capped advances in EUR/USD. The German Flash Services PMI rose to 61.5 in August, beating expectations of 61.0, and bolstered the Euro, pushing EUR/USD higher.

The Flash Manufacturing PMI fell to 61.5 in August, vs a forecast of 62.0, weighing on the single currency Euro, which capped advances in EUR/USD. The Flash Services PMI remained at 59.7, which was expected. At 18:33 GMT, August Consumer Confidence was unchanged from the expectation of -5.

The Flash Manufacturing PMI dipped to 61.2 in August, vs a forecast of 62.4, weighing on the US dollar and adding to advances in the EUR/USD currency pair at 18:45 GMT. In August, the Flash Services PMI fell to 55.2 from 59.1 expected, weighing on the US dollar and pushing EUR/USD higher. At 19:00 GMT, Existing Home Sales increased to 5.99 million, versus a forecast of 5.82 million, bolstering the US dollar and accelerating the surge in EUR/USD.

Meanwhile, when Pfizer and BioNTech's vaccine obtained complete approval from the US FDA on Monday. Therefore, the market mood brightened slightly. After a trial of 40,000 participants demonstrated that the vaccination delivers 91 percent efficacy against the coronavirus, the health department decided to completely approve the vaccine for people over the age of 16. This news alleviated market concerns about rebound and boosted the riskier asset EUR/USD to a new high.

Furthermore, investors were looking forward to the Federal Reserve's Jackson Hole Symposium, which will be held online this year and will take place on Thursday. The Symposium's primary event will be Federal Reserve Chairman Jerome Powell's keynote speech on Friday, which will give the market insights about the monetary policy decisions that will be made at the September meeting.

EUR/USD Intraday Technical Levels

Support Resistance

1.3726 1.3785

1.3696 1.3816

1.3666 1.3845

Pivot Point: 1.3756

EUR/USD - Technical Outlook

The EUR/USD is trading at 1.1742 with a slight bullish bias. In the 4-hour timeframe, the EUR/USD pair’s immediate support prevails at the 1.1729 level. That’s the intraday pivot point level. The EUR/USD’s immediate resistance stays at the 1.1750 level and a bullish breakout of this level exposes the pair towards 1.1766 and 1.1787 levels.

Speaking of the support, the pair may find it around the 1.1720 level and a bearish break below 1.1729 exposes the pair towards the 1.1708 level. Overall, the pair is forming a higher high and higher low pattern that supports an upward trend in the EUR/USD pair. Therefore, the buying trend dominated the market on Tuesday.

Investors’ major focus will stay on the German Final GDP q/q as this could drive price action during the European session today. All the best!

Bitcoin Testing 50K Level

The BTC/USD finished at $49,539.7 on August 23rd, after hitting a high of $50498.8 and a bottom of $49,038.6. On Tuesday, BTC/USD continued its gains and above $50,000 for the first time in 15 weeks, owing to favorable events in the cryptocurrency industry. PayPal has extended its cryptocurrency services to UK consumers as well as US residents. PayPal has announced that it will offer the same option to its UK customers less than a year after releasing a function that allowed Americans to purchase Bitcoin and other cryptocurrencies on its platform.

Through the PayPal platform, qualifying UK clients will purchase, sell, and store Bitcoin and other cryptocurrencies. Apart from Bitcoin, other cryptos such as Litecoin, Ether, and Bitcoin Cash will be available for purchase for as little as 1 British Pound starting this week.

After announcing intentions for global development in late 2020, this was the first foreign extension of its cryptocurrency services. Since then, the company has mostly focused on cryptocurrencies, and it has since expanded its operations to the United Kingdom. BTC/USD rose above $50,000 for the first time in 15 weeks after this announcement.

Meanwhile, on Monday, Substack, an independent web publisher, revealed that it would accept Bitcoin lightning payments. The move will be made in conjunction with OpenNode, a payment processor that provides Bitcoin and Lightning API solutions for businesses.

On the Substack, an email subscription platform, the system OpenNode will support both off-chain and on-chain Bitcoin as well as Lightning payments. As a result, reporters and journalists can now successfully make a living as independent authors using Bitcoin. Nick Inzucchi, a product designer at Substack, is enthusiastic about working with OpenNode because it will allow independent publishers on his platform to take cryptocurrency payments. This news propelled BTC/USD above $50,000 on Monday, putting it under even more positive pressure.

Moreover, Iran has announced that beginning in September, allowing Bitcoin and cryptocurrency miners to resume operations. Previously, the Iranian government prohibited bitcoin mining operations inside the country's borders due to several crackdowns. The decision was intended to dissuade miners from working during the hot summer months because the process was energy-intensive.

The government's energy concerns prompted it to make such a tough move, banning crypto mining operations. But, as of September, the country has chosen to restore crypto mining operations, including bitcoin mining, and this news has pushed BTC/USD higher.

Furthermore, Mat Ishbia, the CEO of United Wholesale Mortgage, stated on Monday that the company plans to begin taking crypto-assets for payment before the end of the year. The University of Wisconsin-Madison would be the first large national mortgage lender to accept bitcoin as a form of payment due to this move. This news pushed the leading cryptocurrency BTC/USD to fresh highs above $50,000 for the first time in 15 weeks on Monday.

On the other hand, Neel Kashkari, President and Chief Executive Officer of the Minneapolis Federal Reserve, stated that Bitcoin and other cryptocurrencies are useless. He went on to say that he was less hopeful about bitcoin than he was five to six years ago because the cryptocurrency was connected with fraud, excitement, noise, and misunderstanding 95 percent of the time. He claimed that there was less or no innovation in the cryptocurrency rather than more fraud. He claimed that cryptocurrency would never compete with or overtake the US dollar as a form of currency.

He even labeled numerous cryptocurrencies as Ponzi schemes and outright frauds that preyed on people's desire to get rich quickly. These harsh remarks from the Federal Reserve Chairman added to bitcoin's weight, resulting in further rises in BTC/USD on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

48893.0 50345.2

48248.8 51151.4

47442.7 51796.5

Pivot Point: 49700.1

BTC/USD - Technical Outlook

The leading cryptocurrency pair, BTC/USD, is trading at the 49,450 level, having rejected the 50500 level. The intraday pivot point level is now supporting the pair at the 49,700 level. On the 1-hourly chart, the BTC/USD has closed a series of Doji candles that are supporting indecision among investors. However, the breakout of the 50,000-48,295 range will help determine further trends in the market.

On the downside, 48,295 is extending strong support today. However, the breakout below this exposes the Bitcoin price towards 47,131 and 46,034 levels. In contrast, the breakout of the 50,500 level exposes the BTC price towards 51,650 and 52,800 support levels. Bullish bias continued to dominate on Tuesday. All the best!

Unemployment Claims in Highlights

Gold prices reached a high of $1791.0 as well as a low of $1780.0 before closing at $1784.00. The yellow metal lost ground for the fourth consecutive session on Friday, posting a loss for the day due to the strength of the U.S. dollar.

During an early trading session on Friday, the U.S. Dollar Index soared to a nine-and-a-half-month high of 93.73. However, after encountering selling pressure in late trading hours, the DXY began to fall and ended the day in the red, closing at 93.50. The 10-year Treasury Yield, on the other hand, increased to 1.267 percent, bolstering the U.S. currency and putting pressure on gold.

Because no macroeconomic data from the United States was scheduled to be released on Friday, the yellow metal maintained the market trend and the movements of the U.S. dollar, remaining in a state of consolidation. Concerns about increased coronavirus cases, which might disrupt the global economy, continued to bolster the yellow metal. However, as investors sought the U.S. dollar as a safe haven instead of gold, the price rises were modest.

The near-term picture for gold is mixed, with safe-haven inflows supporting the metal, but the Federal Reserve's hints about tapering leaving gold under pressure. If the Fed keeps emphasizing tapering, it will put downward pressure on gold prices, as the currency has already strengthened and Treasury yields have risen due to the taper talks.

Aside from the taper discussions, the U.S. dollar was also vital due to safe-haven demand. The dollar index hit a nine-and-a-half-month high on Friday, limiting gold's momentum as metal became more costly for holders of other currencies.

During the ongoing spread of the Delta version of the coronavirus, the average daily fatalities in the United States approached 1000, and the average weekly cases exceeded one million, according to data obtained by Johns Hopkins University. This week, the global case count surpassed 211.6 million, and the death toll surpassed 4.4 million.

Concerns about the economy have resurfaced as the Delta variant's distribution has expanded. The fatal variation compelled Australia and New Zealand to rethink their coronavirus-eradication policies. Australia's Prime Minister even stated that his country's return to zero incidents was exceedingly unlikely.

Meanwhile, Indonesia's lockdown measures were extended, and the daily infection count decreased, while the German minister stated that no more lockdowns would be implemented. With 684 daily deaths, Iran has set a new record. France has announced intentions to increase student vaccination rates, South Korea has purchased more than 7 million Moderna pills, and Thailand has promised greater spending to combat the coronavirus. All of these developments in the fight against the coronavirus maintained the safe-haven appeal strong in the market, and investors favored the U.S. dollar to the precious metal because of its safe-haven status; thus, gold stayed depressed.

Furthermore, the focus was switched to the Federal Reserve's annual meeting this week in Jackson Hole, Wyoming, which would likely offer more insight into the monetary policy and timeframe, putting downward pressure on gold prices on Friday.

Gold Intraday Technical Level

Support Resistance

1777.96 1783.16

1775.78 1786.18

1772.76 1788.36

Pivot Point: 1780.98

Gold - XAU/USD - Technical Outlook

Gold is trading with a slight bearish bias at the 1,786 level after testing the resistance level at the 1,786 level. On the 4 hour timeframe, gold tested and closed a Doji candle below a downward trendline resistance of 1,788 level. Gold's immediate support prevails at 1,782 level, which is extended by a pivot point level. A bearish breakout below this level could expose the XAU/USD pair towards the next support area of 1,776. Furthermore, the resistance holds at around 1,792 and 1,797 levels.

On the 4 hour timeframe, the precious metal has closed a symmetrical triangle pattern that suggests a wide trading range of 1,792-1,776 level. Therefore, the breakout of this range will further determine the next trends in gold. All the best!