Gold’s Daily Price Analysis

Gold prices ended the day at $1793.55, having reached a high of $1797.35 and a low of $1781.25. Gold rose on Monday, recouping some of the previous day's losses on the back of a weaker dollar ahead of the Federal Reserve meeting in the United States.

The US Dollar Index, which calculates the greenback's strength against a basket of six major currencies, dropped on Monday to a low of 93.86, weighing on the greenback and pushing gold higher. The benchmark 10-year US Treasury note yield fell further on Monday, reaching 1.55 percent, adding to the US dollar's weakness and pushing gold higher.

Gold was rising on Monday, despite the falling US dollar, but the currency generally favored the day's macroeconomic data. Manufacturing activity in the United States strengthened in October, indicating the strength of the economic recovery, but it appeared that investors largely ignored the macroeconomic report instead of focusing on the next US Federal Reserve meeting.

The shift in investor emphasis to the central bank's decision to unwind its economic stimulus measures kept the US dollar under pressure for the day, while yellow metal benefited. On the data front, at 18:45 GMT, the Final Manufacturing PMI for October fell to 58.4 from 59.2 expected, weighing on the US dollar and pushing gold higher. At 19:00 GMT, the ISM Manufacturing PMI increased to 60.8 from 60.4 expected, supporting the US dollar and limiting gold gains.

Construction spending fell by 0.6 percent, compared to the projected 0.6 percent, weighing on the US dollar, which capitulated to gold price rises. The ISM Manufacturing Index jumped to 85.7 from 82.5 expected, supporting the US dollar and limiting gold's upward momentum for the day.

Meanwhile, Johns Hopkins University reported that the global total of coronavirus infections had surpassed 246.8 million, with a mortality toll of over 5 million. The United States maintained its lead in the world with 45.9 million cases and 745,836 deaths. This also kept the US under pressure on Monday, bolstering gold prices' upward trajectory.

GOLD Intraday Technical Level

Support Resistance

1784.09 1800.19

1774.62 1806.82

1767.99 1816.29

Pivot Point: 1790.72

GOLD - Technical Outlook

On Tuesday, the previous metal, gold, bounced off above the support level of 1,782 levels. The safe-haven gold is currently trading at $1,792, holding above an immediate support level of $1,787.This particular support level is extended by an 50 days EMA (exponential moving average). Therefore, the precious metal gold’s bullish bias seems to dominate today.

The break below the 1,787 level exposes gold's price towards the next support level of 1,774. On the upside, gold’s next resistance stays at 1,798 level, and a break above this level exposes the pair towards 1,806 level.

Alongside, the MACD is supporting a bullish bias in gold. Therefore, the bullish bias dominates above 1,790 and vice versa. All the best!

Series of Manufacturing PMI in Focus

The EUR/USD was closed at $1.1606 after placing a high of $1.1610 and a low of $1.1545. EUR/USD reversed its course on Monday and recovered most of its previous session’s losses amid the weakness of the U.S. dollar for the day.

The U.S. Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Monday and reached as low as 93.86 due to the shifted focus of investors towards the central bank’s upcoming monetary policy meeting. The traders positioned themselves ahead of this week’s highly anticipated U.S. Federal Reserve policy meeting.

On the data front, German retail sales fell by -2.5% at 12:00 GMT, versus the forecasted 0.5%, weighing on the single currency Euro, which capitulated further gains in the EUR/USD pair. From the U.S. side, at 18:45 GMT, the Final Manufacturing PMI for October dropped to 58.4 against the anticipated 59.2 and weighed on the U.S. dollar that pushed EUR/USD higher. At 19:00 GMT, the ISM Manufacturing PMI rose to 60.8 against the predicted 60.4 and supported the U.S. dollar that limited the gains in EUR/USD.

Construction spending fell by-0.5% against the projected 0.6% and weighed on the U.S. dollar, which capitulated the gains in EUR/USD. The ISM Manufacturing Prices rose to 85.7 from 82.5 expected, bolstering the US dollar and limiting the EUR/USD's upward momentum for the day.

The influential investment bank Goldman Sachs put forward its forecast for the first post-pandemic U.S. interest rate hike by a year, to July 2022, and this prediction raised expectations about interest rate hikes. The upcoming meeting of the U.S. Federal Reserve is expected to result in the start of the tapering of its bond purchases. The meeting will also provide clues about when the central bank will increase interest rates.

EUR/USD Intraday Technical Levels

Support Resistance

1.1564 1.1629

1.1522 1.1652

1.1499 1.1693

Pivot Point: 1.1587

EUR/USD - Technical Outlook

The EUR/USD currency pair is trading with a bullish bias at the 1.1609 level, having soared to complete the 50% Fibonacci retracement level at the 1.1620 level. On the higher side, a break above the 1.1612 level can expose the pair towards the 1.1632 level. Further, on the higher side, the EUR/USD pair could soar to 1.1652 and 1.1693 levels.

On the bearish side, a break below the pivot point support level of 1.1587 exposes the EUR/USD pair towards 1.1570 and 1.1540 levels. The MACD and RSI are in support of a buying trend. However, the major focus will remain on the series of manufacturing PMI figures from the Europe. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $60,927.0 after placing a high of $62,485.0 and a low of $59,595.6. BTC/USD continued its downward momentum and dropped for 3rd consecutive session on Monday. MicroStrategy CEO Micheal Saylor said on Monday that Bitcoin was going up forever, although the cryptocurrency will likely continue to experience bouts of volatility. He added that the firm would continue to purchase bitcoin depending on the market conditions. He further said that bitcoin would be the strongest, hardest, most technically forward-looking store of value in the economy for a decade. He further said the company was open to using debt or equity to fund its growing stockpile of Bitcoin.

On Monday, Green Bay Packers legend Aaron Rodgers announced that he had partnered with Cash App to take a piece of his NFL salary in bitcoin. Rodgers also shared that he was giving out $1,000,000 in bitcoin to his fans. He did not specify how much of his salary he would accept in bitcoin, despite earning an annual salary of $33,500,000.The football superstar said that he believed in bitcoin, and the future was bright.

In October, institutional inflows into bitcoin products increased sharply, indicating a renewed bullish sentiment toward the flagship cryptocurrency. During the last week of October, crypto investment products saw inflows totaling $288 million, out of which bitcoin accounted for $296 million. Over the past few weeks, institutional demand for bitcoin has been picking up gradually amid the expectations that the U.S. SEC would approve its first BTC ETF. These expectations came into existence after two bitcoin-linked products hit the market last month.

The data from Glassnode suggested that the amount of Bitcoin on exchanges has dropped to its lowest in three years, which suggests that investors are actively accumulating the asset. The analytic data platform reported that the Bitcoin balance on exchanges reached 2.46 million BTC in late October from 2.47 million BTC in Q2 2021. History shows that whenever bitcoin has a good run, its balance on exchanges declines and tends to rise when investors load up their bitcoin on exchanges, leading to an increased sell-off period.

BTC/USD Intraday Technical Levels

Support Resistance

59520.0 62409.4

58113.1 63891.9

56630.6 65298.7

Pivot Point: 61002.5

BTC/USD - Technical Outlook

The technical side of BTC/USD hasn’t changed a lot in few days as Bitcoin is exhabitting a choppy session. On Tuesday, the BTC/USD pair is trading with a meutral bias at the 61,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!

Gold’s Daily Price Analysis

Gold finished the day at $1788.90, with a high of $1802.90 and a low of $1772.40. Gold fell on Friday as the US dollar made a strong rebound and the US government yield rose. The benchmark 10-year Treasury note yield held unchanged throughout the day, closing at 1.56 percent after rising to 1.61 percent. Whereas the US Dollar Index, which measures the greenback's value against a basket of six main rival currencies, recovered and raised its prices to 94.30, adding strength to the US dollar and having a negative impact on yellow metal prices.

The precious metal fell after investors braced themselves for more information on the withdrawal of economic stimulus from the Federal Reserve's meeting next week. The threat of interest-rate hikes, either in the near or distant future, kept gold prices under pressure for the day.

Gold prices are also lower for the day due to concerns that the next FOMC meeting will include an announcement about slowing the pace of economic stimulus. While gold is considered a hedge against inflation, the possibility of increased interest rates and weaker economic support was pushing government bond yields and the dollar higher, keeping the yellow metal's market attractiveness down.

On the data front, the Core PCE Price Index for September stayed steady at 17:30 GMT, compared to the projected 0.2 percent. For the third quarter, the Employment Cost Index increased to 1.3 percent, exceeding the forecasted 0.9 percent, bolstering the US dollar and adding to gold's losses. The Personal Income fell to -1.0 percent, versus the projected -0.2 percent, weighing on the US currency and causing gold prices to fall further.

Personal spending remained unchanged at 0.6 percent, as expected. At 18:45 GMT, the Chicago PMI for October climbed to 68.4 from 63.6, supporting the US dollar and adding further pressure to the yellow metal. At 19:00 GMT, the Revised UoM Consumer Sentiment was 71.7, which was in line with forecasts. The Revised University of Michigan Inflation Expectations remained constant at 4.8 percent.

Meanwhile, tensions between the United States and China over the trade pact, Taiwan, and the origin of the coronavirus kept the market unsettled, resulting in significant losses in yellow metal prices. Wang Wenbin, a spokesman for China's foreign ministry, recently stated that a declassified US intelligence study claiming that it was conceivable that the COVID-19 epidemic originated in a laboratory was unscientific and without credibility.

GOLD Intraday Technical Level

Support Resistance

1779.36 1784.21

1777.48 1787.18

1774.51 1789.06

Pivot Point: 1782.33

GOLD - Technical Outlook

On Monday, the previous metal, gold, bounced off above the support level of 1,771 levels. The safe-haven gold is currently trading at $1,785, holding above an immediate support level of $1,782.This particular support level is extended by an intraday pivot point level. Therefore, the precious metal gold’s bullish bias seems to dominate today.

The break below the 1,782 level exposes gold's price towards the next support level of 1,768. On the upside, gold’s next resistance stays at 1,798 level, and a break above this level exposes the pair towards 1,813 level.

Alongside, the MACD is supporting a selling bias in gold. Therefore, the bearish bias dominates below 1,798 and vice versa. All the best!

Ethereum Price Analysis

The ETH/USD was closed at $4237.60 after placing a high of $4393.48 and a low of $4170.48. ETH/USD dropped on Sunday for the second consecutive session despite positive developments surrounding the ecosystem of ETH. The Ethereum network successfully implemented the London hard fork upgrade about 87 days ago, and since then, almost 700,000 ETHs have been burnt, which accumulated at the current exchange rate of $2.4 billion.

The data from Dune Analytics suggests that about 702,886 ETH tokens have been burned on Halloween. The burning was started on August 5, 2021, when the Ethereum network first launched the London hard fork and EIP1559.

The London hard fork brought about five different changes to the network. However, two of them were main, including EIP-1559 and EIP-3554. While EIP-1559 changed the fee rate of Ethereum to a new scheme that makes the crypto asset deflationary, EIP-3554 changed the network’s difficulty bomb.

Today, the biggest ETH burner is the NFT marketplace Opensea, which has burned about 91,171 ETH. Several transactions made by users and organizations have burned about 63,441 ETH. Uniswap has burned about 51,217 ETH, which makes it the third-largest ETH burner. At the same time, Tether is the fourth largest burner on the network.

Ethereum has been gaining mainly because of the hype around the NFT marketplace. The NFT industry generated about $10.67 billion in trading volume during Q3 of 2021, which marked a 704% increase from Q2. Ethereum accounted for 77.73% of all blockchains, and Ronin accounted for 19.53% of the numbers. The hype around NFT seems to be not ending soon as the traction they are gaining is at an all-time high level and is continuing to climb higher, which means blockchains contributing to it like Ethereum are also going to benefit from further it and rise in value in the future.

Furthermore, Australian investors will soon be able to invest in Bitcoin and Ether spot ETFs as the Australian Securities and Investment Commission (ASIC) has released a guideline on Friday regarding the requirements related to crypto exchange-traded products. It has also allowed investment funds to offer their customers ETFs pegged to cryptocurrencies to give them direct exposure to digital assets. The approval of BTC and ETH ETFs added further value in both cryptocurrencies, respectively.

ETH/USD Intraday Technical Levels

Support Resistance

4174.22 4397.22

4060.85 4506.85

3951.22 4620.22

Pivot Point: 428385

ETH/USD - Technical Outlook

The ETH/USD is trading at the 4,207 level, having turned bearish after testing a resistance level of 4,412. At the moment, the ETH/USD’s immediate support prevails at the 4,145 level, and a bearish breakout below this level exposes the pair towards the 4,052 level.

On the resistance side, the ETH/USD’s immediate resistance holds around the 4,277 level, and a bullish breakout of this level exposes Ethereum towards the 4,368 level. Further on the higher side, the next resistance level can be seen at 4,368 and 4,458.

However, the formation of bearish engulfing candles supports a selling bias. Alongside, the RSI and MACD are holding below 50 and 0 levels, respectively, supporting a selling trend in the ETH/USD pair. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $61,330.0 after reaching a high of $62,414.0 and a low of $60,021.0. However, it managed to remain above the $60,000 mark as there was no such negative development surrounding its ecosystem. The Apple co-founder, Steve Wozniak, spoke during an interview with Yahoo Finance and said that Bitcoin was based on mathematical purity. He compared the U.S. dollar with bitcoin and said that the government can create new dollars and borrow them, which makes them non-fixable. However, bitcoin is like mathematics, which can never be created, and there will never be another bitcoin.

He further said that the U.S. dollar system felt artificial, whereas bitcoin was built on the basis of science, logic, and computer programming. He also said that bitcoin had no creator and no company was running it. It was just mathematically pure and he believed in nature over humans always. These comments from Wozniak added some strength to the BTC/USD. Meanwhile, football legend Tom Brady, who has become one of the most active bitcoin and crypto promoters in the sports world in recent months, has paid an entire one bitcoin to one of his fans in order to buy back one football.

Brady threw his 600th touchdown ball to wide receiver Mike Evans. This touchdown milestone has not been achieved by any player before, which makes this ball one of the most special items in the history of the sport. Unfortunately, Evans did not realise the significance of the ball and handed it to a fan named Byron Kennedy in the audience. Several team representatives approached Kennedy to get the ball back and negotiate, which ended up with Kennedy receiving as much as $100,000 in gifts, including an entire BTC from Brady himself.

Bitcoin was also moving above the $60,000 level because of the latest filing from the electric car company Tesla, headed by the South African entrepreneur and world’s richest man, Elon Musk. The filing suggested that the company might be open to accepting bitcoin and crypto payments for vehicles again in the coming future. Tesla has explained that it believes in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. This report kept the leading cryptocurrency, BTC, higher in the market.

Furthermore, reports have suggested that Russia’s leading Neobank was considering adding cryptocurrency services. The director of Tinkoff Investments, which is the online brokerage portal of the Russian bank, has said that the company could turn its sight towards the digital asset industry due to increased customer demand. Dmitry Panchenko has also said that the idea was still in its early stages as Russia had strict and non-crypto-friendly legislation.

BTC/USD Intraday Technical Levels

Support Resistance

60096.0 62489.0

58862.0 63648.0

57703.0 64882.0

Pivot Point: 61255.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD pair is trading with a bearish bias at the 60,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!

Pivot Point Extend Resistance at 1,802

Gold prices concluded at $1801.15 per ounce, having reached a top of $1812.65 and a low of $1793.55. Gold's gains were extended, although it remained in a consolidation mode during Thursday's trading session. The US Dollar Index dropped as low as 93.28, its lowest level since September 27th.

The US Treasury yield on a 10-year reversed course on Thursday, breaking a four-day bearish trend to reach 1.58 percent. Yellow metal prices rose as the US dollar fell, and statistics showed that the US economy grew slowly for the first time in more than a year.

On the statistics front, at 17:30 GMT, the Advance GDP for the quarter fell to 2.0 percent, compared to the predicted 2.6 percent, weighing on the US dollar and driving gold higher. For the third quarter, the Advanced GDP Price Index increased to 5.7 percent, up from 5.3 percent projected, supporting the US dollar and limiting further advances in precious metal prices.

Last week's jobless claims fell to 218K, versus an anticipated 290K, bolstering the US currency and limiting the surge in gold prices. Pending Home Sales fell to -2.3 percent at 19:00 GMT, compared to the projected 0.4 percent, weighing on the US dollar and pushing gold prices higher.

The US GDP expanded at a 2.0 percent annualized rate last quarter, despite a rebound in COVID-19 cases, which further stretched global supply chains and resulted in a shortage of items like autos, slamming the brakes on consumers spending. Following this news release, the US dollar declined by 0.6 percent against its competing currencies, pushing gold higher as the dollar and gold moved in opposite directions.

Market participants' attention has switched to the US Federal Reserve meeting, set for November 2-3, 2011. The strategy is expected to have a considerable impact on gold prices, as Chairman Jerome Powell has stated that the moment to reduce bond purchases is approaching.

GOLD Intraday Technical Level

Support Resistance

1792.25 1811.35

1783.35 1821.55

1773.15 1830.45

Pivot Point: 1802.45

GOLD - Technical Outlook

Gold is trading with a bearish bias at $1,795 per ounce, having fallen below an intraday pivot point resistance level of 1,802. The closure of candles below the 1,802 level adds to gold's selling pressure. The metal's immediate support remains at the 1,782 level, and a breach of this level exposes its price to the 1,768 level.

The formation of a bearish engulfing candle followed by shooting star candles suggests a solid selling bias among investors. Alongside, the MACD is supporting a selling bias in gold. Therefore, the bearish bias dominates below 1,810 and vice versa. Lastly, investors may keep an eye on 1,782 as it’s going to work as a strong support today. All the best!

Ethereum Enters Overbought Zone

The ETH/USD ended the day at $4234.51, having reached a high of $4239.44 and a low of $3895.91.ETH/USD reversed its course and pulled higher on Thursday, recovering almost all of its previous session’s losses. The sudden rise in ETH/USD price on Thursday could be attributed to the release of the Altair upgrade to the network, which pushed the migration to Ethereum 2.0 another step closer. The Altair upgrade introduced solutions to the Beacon chain. It is a warm-up upgrade to Ethereum 2.0 merging. The release of the upgrade raised the confidence of several investors in the network’s planned merging.

The Altair, which was successfully launched on Wednesday, is the first network upgrade on the Ethereum proof-of-stake chain. It has been almost one year since the Ethereum Beacon chain went live, and the new developments are increasing the confidence of investors that the Beacon chain will merge soon. The final merge is expected to happen in December, and before that, Altair worked as a warm-up upgrade, setting the network ready for the final merge. Given this release of a new upgrade, the prices of ETH/USD saw a sudden surge on Thursday and reached the $4239.33 level.

With the increased level of competition in the market, the second-largest cryptocurrency in the world has been facing heavy pressure. However, as the network is moving closer day by day towards the merge to Ethereum 2.0, the crypto token has been finding some ground against its rival tokens.

On the flip side, an Ethereum DeFi protocol named Cream Finance suffered another hack. The attackers used a flash loan attack and made away with $130 million. The company revealed through Twitter that they were investigating the cause of the hack. This news capped further upward momentum in ETH/USD.

ETH/USD Intraday Technical Levels

Support Resistance

4023.80 4417.33

3763.09 4550.15

3630.27 4810.86

Pivot Point: 4156.62

ETH/USD - Technical Outlook

The ETH/USD is taking a bearish turn after testing a resistance level of 4412. Ethereum has closed with a Doji and a bearish engulfing candle at the 4412 level, which supports the odds of a bearish correction. On the bearish side, the ETH/USD's immediate support prevails at the 4,151 level extended by an intraday pivot point level. The break below this level exposes the ETH/USD price towards the 4,023 and 3,760 levels. A further bearish breakout exposes the pair to 3,630. These levels are being extended by 38.2% and 61.8% Fibonacci retracement levels. On the bullish side, Ethereum's immediate resistance holds around 4,417 and 4,550 levels. "Bearish bias" dominates below the 4,412 level today. All the best!

Bitcoin Price Prediction

BTC/USD ended the day at $60,598.0, having reached a high of $62,395.0 and a low of $57,612.0.BTC/USD surged on Thursday, recouping all of its previous session losses as the bitcoin ecosystem continued to improve.

The President of El Salvador, Nayib Bukele, has revealed that his government has taken advantage of the dip in bitcoin and has bought about 420 more bitcoins, which has increased the total number of bitcoins in its portfolio to 1120 BTC.

The reports suggested that when the announcement was made, Bitcoin was moving around $58.9K, which means El Salvador purchased a total of around $24.7 million. This purchase was made merely a month after the Central American nation added an extra 150BTC to its crypto holding and added to the 550 BTC that it was previously holding. These announcements from Nayib Bukele added to the value of BTC/USD and pushed its prices higher on Thursday.

A bitcoin devotee and CEO of MicroStrategy, Michael Saylor, has said that the company will continue to evaluate opportunities to raise additional capital to execute its bitcoin strategy. The company has raised capital through an at-the0market equity offering to add about 9K bitcoins to its holdings in the third quarter of 2021. The company's revenue in Q3 was around $128.0M, which was about 0.5% higher than the previous year's revenue. The news that MicroStrategy was looking to raise more capital to buy bitcoin also played its part in driving BTC/USD higher on Thursday.

Another reason behind the sudden rise in BTC/USD on Thursday could also be the increased participation of celebrities in bitcoin's mainstream adoption. Among many, the famous actor and screenwriter Matt Damon has been featured in an ad campaign by cryptocurrency platform Crypto.com that will release the "Fortune Favors the Brave" ad. This ad includes bitcoin creator Satoshi Nakamoto among the pioneers of history who have embraced the moment and succeeded on their path to commit, achieve, and adventure. Damon is not only featured in the ad, but he is also a backer of crypto.com. This news also added further upward momentum in BTC/USD on Thursday.

On the other hand, British authorities recovered $3 million in bitcoin from a teenager who put up a bogus website to defraud customers. On Tuesday, authorities in the United Kingdom apprehended a 17-year-old kid from South Lincolnshire and recovered approximately $3 million in bitcoin from him.

The authorities have not released the boy's name; nevertheless, they have stated that the youngster created a bogus website nearly identical to Love2shop's actual website, which sells gift cards. He then paid Google to market his fraudulent site, which resulted in his bogus site showing above the legitimate site in search results.

The initial site customers were misled into inputting their information, and the kid took $8954 in vouchers, which he used to buy bitcoins and other cryptocurrencies. This news curbed some of Thursday's gains in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

58008.4 62791.4

55418.7 64984.7

53225.4 67574.4

Pivot Point: 60201.7

BTC/USD - Technical Outlook

The BTC/USD pair is trading with a bullush bias at the 61,324 level, having soared above a strong resistance level of 61,000. This level is now working as a support for Bitcoin. On the lower side, Bitcoin’s immediate support prevails at the 60,250 level and the breakout of this level exposes the Bitcoin towards the next support levels of 59,480 and 57,955 levels.

On the bullish side, Bitcoin’s next resistance holds around the 62,150 level, and a bullish breakout of this level exposes BTC towards 62,568 and 63,450 levels. The MACD and RSI are supporting a bullish bias, therefore, the BTC’s bullish bias dominates below 60,201 and vice versa. All the best!

Pivot Point Extend Resistance at 1,794

On Wednesday, gold prices closed at $1794.95 after reaching a high of $1809.25 and a low of $1783.05. Gold reversed its trend on Tuesday as the US dollar strengthened. The US dollar index climbed and extended its gains on Tuesday to 94.02, putting additional pressure on gold prices. On the other hand, 10-year Treasury yields fell to 1.60 percent on Tuesday, restricting further drops in gold prices.

Gold prices fell more than 1% on Tuesday, snapping a five-session bullish trend, as the US dollar rose and market risk appetite soared. Stronger-than-expected earnings from technology companies lifted the benchmark 500 index to a new high during Tuesday's trading session, taking the lustre off safe-haven gold.

On the data front, the House Price Index for August fell to 1.0 percent, versus the projected 1.5 percent, weighing on the US dollar, which pushed on further falls in gold prices around 18:00 GMT. The S&P/CS Composite-20 HPI dipped to 19.7 percent for the year, down from the predicted 20.1 percent, dragging on the US dollar and restricting the drop in gold prices. In October, at 18:59 GMT, the Richmond Manufacturing Index jumped to 12 versus the projected four, bolstering the US dollar and putting additional pressure on gold.

At 19:00 GMT, the CB Consumer Confidence increased to 113.8, up from 108.4, supporting the US dollar. This ultimately contributed to additional declines in gold prices. The surge in new home sales to 800,000 in September, compared the predicted 755K, bolstered the US dollar, forcing gold prices to fall even lower.

The next Federal Reserve policy meeting in the United States is slated for next week, and traders are betting that the Fed will slow the pace of asset purchases initiated to mitigate the effects of pandemics on society. Investors expected the Fed to halt asset purchases because consistently high inflation levels have shown to be non-transitory, as previously predicted. Because of these assumptions, the US dollar rose and gold fell for the day.

GOLD Intraday Technical Level

Support Resistance

1781.00 1807.80

1768.60 1822.20

1754.20 1834.60

Pivot Point: 1795.40

GOLD - Technical Outlook

Gold is trading with a bearish bias at $1,789 per ounce, having dropped below an intraday pivot point resistance level of 1,794. The closing of candles below the 1,794 level adds selling pressure on gold. The metal’s immediate support stays at the 1,782 level, and violation of this exposes its price towards the 1,768 level.

Gold has recently closed bearish engulfing candles below the pivot point resistance level of 1,794, which is supporting the selling bias in gold. However, the upward trendline is supporting gold at 1,782 levels on the 4-hour timeframe. Thus, the 1,782 level is very significant for gold investors. "Bullyish bias dominates over 1,782 and vice versa. All the best