CB Consumer Confidence in Focus

The EUR/USD was closed at $1.1799 after placing a high of $1.1818 and a low of $1.1763. After falling for three consecutive sessions, EUR/USD finally turned green on Monday amid the weakness in the U.S. dollar ahead of the Fed policy meeting.

The EUR/USD pair moved higher on Monday after some improvement in the risk sentiment that triggered weakness in the U.S. dollar. The U.S. stocks also surged on Monday as NASDAQ reached a new record high while the Dow Jones was down by 0.21%. However, the whole stock market was performing better during Monday's trading session. The U.S. yields also fell to 1.22% before heading back to 1.27% and kept the U.S. dollar under pressure, ultimately pushing EUR/USD pair higher.

The reduced strength of the U.S. dollar triggered a recovery in the EUR/USD pair as the macroeconomic data from the European side was also not in favour of the single currency. On the data front, at 13:00 GMT, the German ifo Business Climate for July decreased to 100.8 against the projected 102.3 and weighed on the single currency Euro and further capped gains in EUR/USD. At 17:59 GMT, the Belgian NBB Business Climate for July remained flat with the expected 10.1. From the U.S. side, at 19:00 GMT, the New Home Sales in June declined to 676K against the estimated 800K and weighed on the U.S. dollar that added further upside momentum in the EUR/USD pair.

The greenback was on the back foot before the Federal Reserve monetary policy this week. On Wednesday, the Fed is expected to release the monthly policy statement that will mention the achieved economic recovery and provide hints on the interest rate and asset purchases. The press conference of Powell followed by the statement will also be observed closely to find clues about QE tapering options.

The European stocks remained lower on Monday, pushing the single currency higher and helped EUR/USD to move upward. Investors were also looking ahead to the key meeting of the U.S. Federal Reserve, which triggered weakness in the U.S. dollar and added further gains in EUR/USD.

The risk-off market sentiment was somewhat decreased on Monday as the investors get used to the concerns of an economic recovery driven from the fears of the Delta variant of the coronavirus. The rising number of coronavirus cases across the continent surged by the highly transmissible delta variant urged many countries to re-impose social restrictions. However, the risk sentiment improved a little and added strength in the riskier currency pair EUR/USD.

EUR/USD Intraday Technical Levels

Support Resistance

1.1768 1.1823

1.1738 1.1848

1.1713 1.1878

Pivot Point: 1.1793

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD has violated the narrow trading range of 1.1800 – 1.1750, and now it's trading at 1.1800 level. The direct currency pair EUR/USD has crossed above 50 SMA (simple moving average) on the hourly chart supporting the pair at the 1.1785 level. The triple top pattern is still intact and extending resistance at 1.1823 levels. A bullish breakout of 1.1823 level can expose the EUR/USD price towards the next resistance level of 1.1845. The support continues to hold at the 1.1786 level. It's the same level that worked as resistance on Monday. A breakout of 1.1786 support level exposes the EUR/USD price towards the 1.1760 level today. Let's wait for the CB Consumer Confidence to predict further EUR/USD pair trends. All the best!

Upward Trendline Supports Ethereum at $2,150

The ETH/USD was closed at $2227.96 after placing a high of $2430.64 and a low of $2172.88. ETH/USD rose for the 6th consecutive session on Monday and reached its highest since 16th June amid the prevailing bullish sentiment of the market. The rising prices of BTC/USD improved the whole cryptocurrency market sentiment and turned almost every coin bullish amid the latest news that Amazon was looking to accept bitcoin payments. The whole market mood was positive after bullish comments from Jack Dorsey and Elon Musk during the B-Word conference.

Ethereum, which is the second biggest cryptocurrency according to market cap, also turned green and reached its highest level in six weeks following the recent bullish market trend. Furthermore, ETH 2.0 staking continued to rise as more validators were being added to the staking platform. It is reported that about 180,000 to 200,121 validators have been welcomed by ETH 2.0 staking in less than four weeks.

The rise in ETH prices was similar to bitcoin driven by the rumors that Amazon, an e-commerce giant, was looking into digital currencies. This all came in after the leading e-commerce company posted a job seeking an executive to build its digital currency and blockchain strategy. Meanwhile, some media reports started speculating that Amazon was considering accepting bitcoin payments. These speculations combined with the recent bullish trend pushed BTC/USD above $40,000 and helped the leading cryptocurrency change the whole crypto market sentiment positively. Ethereum also followed the trend on Monday and reached near $2500 with eyes on $3K.

On the other hand, the inventor of ETH, Vitalik Buterin, will feature in the new animated web series called “Stoner Cats”. The series will launch on 26th July 2021 Monday and will comprise five episodes. The viewers will need to purchase an NFT value at 0.35ETH or $700 to access new episodes. Furthermore, the rising prices of ETH/USD could also be attributed to the weakness of the U.S. dollar. The DXY dropped to 92.5 as the risk sentiment improved in the market, and investors became cautious ahead of the Fed monthly policy meeting. The weakness in the U.S. dollar gave the green light to the already rising prices of ETH/USD as both have a negative correlation, and the second leading crypto reached its highest level in six –weeks..

ETH/USD Intraday Technical Levels

Support Resistance

2123.68 2381.44

2019.40 2534.92

1865.92 2639.20

Pivot Point: 2277.16

ETH/USD - Technical Outlook

The second most traded cryptocurrency, ETH/USD, is trading with a bullish bias at a 2,155 level. However, the pair has retraced back from the multi weeks the high level of 2,406 level. The MACD and other leading indicators entered the overbought zone, triggering a Fibonacci retracement in Ethereum. On the chart above, the ETH/USD has completed 38.2% Fibonacci retracement at 2,150 level, and the upward trendline is now extending support at the same level. A bearish breakout of 2,150 levels exposes ETH towards 2,050 and 2,008 support levels. At the same time, the resistance continues to hold at 2,255 and 2,406 levels. Bullish bias seems dominant on Tuesday. All the best!

Bitcoin Completes 50% Fibonacci Retracement

The BTC/USD was closed at $37296.0 after placing a high of $40515.6 and a low of $35276.0. BTC/USD extended its gains on Monday for the 6th consecutive session and reached its highest till June 15. Bitcoin surpassed the critical $40,000 level on Monday and reached a month and a half highest level after investors started liquidating their short positions to book profits combined with the speculations that Amazon.com Inc. was preparing to accept bitcoin payments by the end of 2021.

Bitcoin was experiencing bullish trades during the past six days after high-profile proponents including Elon Musk, and Jack Dorsey gave bullish comments about the cryptocurrencies at The B-Word conference. Despite concerns about its environmental impact, the Space X and Tesla CEO said that his company Tesla might start accepting Bitcoin payments against its vehicle purchases as the mining process has shifted towards renewable energy.

These bullish comments and the fact that BTC/USD fell below the $30,000 level triggered massive buying as investors that were long waiting for bitcoin prices to fell lower started buying to grab the opportunity of entering the market. Meanwhile, on Monday, rumors spread that the world's largest e-commerce company Amazon was reportedly working toward taking BTC payments by the end of the year. Some reports even mentioned that Amazon was looking to launch its own digital currency; however, no more details were revealed about this possibility.

These speculations might come in after Amazon published several new job openings, including positions particularly related to domain expertise in blockchain, distributed ledger, CBDC, and cryptocurrencies. After this news, almost all cryptocurrencies, including BTC, ETH, XRP, ADA, and DOGE, moved higher on board.

Meanwhile, the CEO of Twitter, Jack Dorsey, said that the power of cryptocurrency could potentially lead to a less aggressive and calmer planet. It will lessen financial inequality, ultimately allowing the regulators and politicians to focus on bigger-picture issues. These bullish comments from Dorsey added further strength to the leading cryptocurrency and pushed BTC/USD even further.

Furthermore, on Monday, Tesla reported that about $23 million bitcoin-related impairment dragged the quarterly operating income of the company. On the other hand, the weakness in the U.S. dollar also added further gains in BTC/USD on Monday. The U.S. Dollar Index (DXY) declined to 92.53 and weighed on the greenback that ultimately added further upward momentum in BTC/USD. The U.S. Dollar was weak ahead of the Fed monthly policy meeting scheduled for Wednesday and helped bitcoin add further gains as both have a negative correlation.

BTC/USD Intraday Technical Levels

Support Resistance

34876.2 40115.8

32456.3 42935.5

29636.6 45355.4

Pivot Point: 37695.9

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, tested the $40K level but couldn't continue trading higher. The BTC/USD pair plunged to completed 50% Fibonacci retracement at 36,350 level. The MACD is still holding in a buying zone. Therefore, the bullish bias still dominates Bitcoin. The recent 4-hour closing suggests that sellers are getting exhausted over 50% Fibon level, and bulls are looming around 36,300. The 50 EMA is holding at 33,070 level, demonstrating there's still room for further bearish correction in Bitcoin. Therefore, the violation of the 36,250 level can expose Bitcoin price towards 35,200 level that's being extended by 61.8% Fibonacci retracement level. Below this, the next support prevails at the 33,850 level. On the higher side, resistance stays at 37,500 and 40,650. All the best!

Choppy Session in Play

Gold was closed at $1801.80 after placing a high of $1810.70 and a low of $1789.10. Gold extended its loss on Friday and dropped for the 6th consecutive session amid strength in the U.S. dollar. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies, surged on Friday to 93.02. The dollar remained bullish for the day that had a negative impact on the precious metal as they both move in the opposite direction. The U.S. Treasury Yields on benchmark 10-year note also surged on Friday and reached 1.311%, which added strength to the U.S. dollar and weighed further on the precious metal.

The strength in the greenback, along with the higher bond yields despite the risk-off market sentiment driven by the rising fears of the coronavirus and its impact on the economy, added extra pressure on yellow metal on Friday. The U.S. dollar remained on a positive note despite mixed economic data on the day.

At 18:45 GMT, the Flash Manufacturing PMI for July surged to 63.1 against the expected 62.0 and supported the U.S. dollar and weighed further over yellow metal prices. The Flash Services PMI dropped to 59.8 against the forecasted 64.6 and weighed on the U.S. dollar that capped further loss in gold prices.

On the flip side, the World Health Organization reported that almost all regions reported a rise in infections, and the global number of new coronavirus cases rose by at least 12% during the past week. According to the latest weekly epidemiological update, the agency reported that about half a million cases were reported each day in the previous seven days. The agency also warned against the relaxation of lockdown restrictions while the vaccination coverage was slow.

The WHO blamed the global surge of coronavirus cases on the dramatic rise of the delta variant, which has now reportedly spread to 124 countries and has become the dominant variant of the coronavirus throughout the world. The Prime Minister of France also reported that the delta variant was dominant in the country as more than 18,000 new cases were recorded in a single day.

WHO also cited that according to recent studies in Canada and China, there was growing evidence that the delta variant was more transmissible than the earlier versions of the virus. However, the exact measures of the increased transmissibility remained unclear.

The top U.S. infectious disease expert Anthony Fauci also said that the delta variant was behind more than 80% of new infections in the United States. All this virus-related uncertainty kept supporting the risk-off market sentiment, which capped further loss in the yellow metal prices on Friday.

Furthermore, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Market traders and investors will be watching the meeting results closed to get hints of the starting date for tapering of Fed’s massive monthly debt purchases.

Gold Intraday Technical Level

Support Resistance

1800.65 1801.29

1800.34 1801.62

1800.01 1801.93

Pivot Point: 1808.98

Gold - XAU/USD - Technical Outlook

On Monday, the precious metal gold is consolidating with a neutral bais at 1,806 levels. It’s maintaining a narrow trading range of 1,809 – 1,790 levels on the 4-hourly chart. However, gold hasn’t been able to violate the double bottom support level of 1,790 level. A bearish breakout of this level was supposed to expose gold price towards the 1,774 level. On the higher side, the 50 periods EMA is extending resistance at 1,810 levels. An indicator like MACD is tossing above and below 0, suggesting indecision among investors. It looks like the traders are looking for a solid fundamental reason to trigger a breakout. A bullish breakout of 1,810 levels exposes gold prices towards 1,822 and 1,834 levels. Alternatively, the breakout of 1,790 levels exposes precious metal towards 1,774 levels. All the best!

German IFO Business Climate

The EUR/USD was closed at $1.1771 after placing a high of $1.1788 and a low of $1.1753. EUR/USD remained flat throughout the day on Friday and put minor losses as the U.S. dollar was strong across the board, and the risk-off market sentiment also added further pressure on riskier currency pairs.

The U.S. Dollar Index was high onboard above 93.0 level and kept the greenback strong against its rival currencies. The investors were awaiting the Fed decision in its upcoming FOMC meeting scheduled on Tuesday and Wednesday. While the single currency Euro remained unchanged as the latest monetary policy decision from ECB failed to trigger any significant momentum in the shared currency.

As widely anticipated, the European Central Bank maintained its interest rates at the current level, whereas policymakers reaffirmed that PEPP would continue to run faster. Christine Lagarde said that the economy of Europe was on track for solid growth in Q3 but added that the coronavirus Delta variant could weigh on the recovery in services. At the same time, the bottlenecks could also affect the manufacturing sector in the short term.

On the data front, at 12:15 GMT, the French Flash Manufacturing PMI in July remained flat with the expectations of 58.1. The French Flash Services PMI dropped in July to 57.0 against the projected 58.7 and weighed on the single currency Euro and added loss in EUR/USD. At 12;30 GMT, the German Flash Manufacturing PMI rose to 65.6 against the forecasted 64.2 and supported the single currency Euro and capped further loss in EUR/USD.

German Flash Services PMI surged to 62.2 against the predicted 59.4 and supported the single currency Euro and limited the downward momentum in EUR/USD. At 13:00 GMT, the Flash Manufacturing PMI remained flat with the expectations of 62.6. The Flash Services PMI from the whole bloc surged to 60.4 against the forecasted 59.4 and supported the single currency Euro and reduced loss in EUR/USD.

From the U.S. side, at 18:45 GMT, the Flash Manufacturing PMI for July rose to 63.1 against the estimated 62.0 and supported the U.S. dollar that added further downward momentum in EUR/USD. The Flash Services PMI declined to 59.8 against the predicted 64.6 and weighed on the U.S. dollar and further caped loss in EUR/USD.

Meanwhile, the riskier currency pair EUR/USD remained under pressure on Friday amid the prevailing risk-off market sentiment. The rising spread of the most contagious Delta variant of the coronavirus throughout the world raised fears about the slow economic recovery. Many countries re-imposed lockdown measures to stop the spread of the delta variant of coronavirus.

According to WHO, the variant has now become the most dominant variant globally, reportedly being spread to more tan1 24 countries. The U.S. health officials also confirmed that 80% of the new coronavirus cases were caused by the delta variant in the United States. France also began requiring proof of vaccination or negative COVID-19 test reports as an entry pass for cinemas, bars, restaurants, etc. The increased risk-off market sentiment kept the riskier currency pair EUR/USD under pressure throughout the trading session.

EUR/USD Intraday Technical Levels

Support Resistance

1.1770 1.1778

1.1766 1.1782

1.1762 1.1786

Pivot Point: 1.1774

EUR/USD - Technical Outlook

The technical side of the EUR/USD hasn't changed a lot as the EUR/USD pair consolidates in a narrow trading range of 1.1800 – 1.1750 level. The direct currency pair EUR/USD has crossed above 50 SMA (simple moving average) on the hourly chart, which's now supporting the pair at the 1.1775 level. At the same time, the triple top pattern is providing resistance at 1.1786 and 1.1823 levels. A bullish breakout of 1.1786 level can expose the EUR/USD price towards the next resistance level of 1.1825. The support continues to hold at the 1.1750 level, and a breakout of 1.1786 support level exposes the EUR/USD price towards the 1.1760 level today. Let's wait for the German ifo Business Climate to predict further EUR/USD pair trends. All the best!

Dramatic Surge in Bitcoin

The BTC/USD was closed at $35,407.0 after placing a high of $35,430.0 and a low of $33,906.0. BTC/USD advanced on Sunday and extended its gains for the 5th consecutive session to reach above $35,000. The leading cryptocurrency topped $39,000 on Sunday for the first time since mid-June as the market sentiment turned bullish after remaining under pressure following a recent sell-off. The current bullish trend in bitcoin was driven by the global sell-off in stocks and investor's buy-the-dip behavior. The recent bitcoin crash below the $30,000 level-triggered institutional investors and retail traders to wait for a dip in BTC/USD to enter the market at lower prices.

The massive purchase of BTC/USD added about $114 billion to the entire cryptocurrency market in just 24 hours over the weekend that pushed the leading cryptocurrency. It improved the mood of the whole market. The inflows from business and institutional investors are given the recent crackdown below $30,000 added strength in the leading cryptocurrency. Meanwhile, the CEO of Twitter, Jack Dorsey, and CEO of Tesla, Elon Musk, along with the CEO of ARK Incest Cathie Wood, recently spoke during a highly anticipated bitcoin conference called "The B-Word."

In the conference, the billionaire Elon Musk said that Tesla might start accepting bitcoin payments once again for its vehicle purchases. A more significant share of its mining process has shifted to renewable energy. Tesla halted accepting bitcoin as a payment mechanism for its vehicle purchases in May after environmental concerns emerged in the market due to bitcoin mining. The mining process includes an energy-intensive process of creating new coins by solving complex math problems. The computational power requires to complete the process consumes a lot of energy.

Meanwhile, other positive headlines for bitcoin also added strength to the BTC/USD prices. Amazon has said that it was looking to add a digital currency and blockchain expert to its payments team. Some suggested that it was looking a closer look at bitcoin for this purpose. According to an Amazon spokesperson, the company was inspired by the innovation happening in the cryptocurrency space and explored ways to add it to Amazon.

The combination of factors, including the latest buy-the-dip behaviour and recent positive talks from Twitter and Tesla CEO, triggered the bullish momentum in bitcoin that eventually turned the whole market mood into bullish as the entire cryptocurrency market cap increased.

BTC/USD Intraday Technical Levels

Support Resistance

34398.6 35922.6

33390.3 36438.3

32874.6 37446.6

Pivot Point: 34914.3

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, is trading with a solid bullish bias at 38,285 level. Bitcoin has violated the strong resistance level of 34,800 and 36,650 levels. On the upper side, the BTC/USD's next resistance stays at the 40,900 level. This level can give a hard time to bulls, and a bullish breakout of 40,900 level can expose Bitcoin price towards 43,085 level and breakout of 45,550.

The BTC/USD has crossed over the 50 periods EMA that's suggesting a solid bullish bias among investors on the daily timeframe. The daily MACD is also soaring to crossover into the buying zone; therefore, the bullish crossover above 0 can drive more buying in BTC. Traders will be keeping their eyes on the 40,900 as a breakout of this level will expose Bitcoin towards 47,430. At the same time, the support stays at 36,650. All the best!

Upward Trendline Supports Ethereum at $1,860

The ETH/USD closed at $2,013.98 after placing a high of $2,044.74 and a low of $1,939.16. ETH/USD soared dramatically on Thursday and crossed over the $2000 mark after continuously trading bearish. It consolidated in a narrow trading range almost for more than 2-weeks.

The price of Ethereum soared following Tesla, and SpaceX CEO Elon Musk announced he holds the cryptocurrency at The B Word conference, a contest hosted by the Crypto Council for Innovation.

Ethereum, which was previously surging on the day, reached its highest point during the session after Musk’s specifying. The ETH/USD pair surged over 12% and was around the highest levels of the day.

Elon Musk also reiterated his backing for cryptocurrency in general, despite possible environmental risks, stating, “One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.” Ethereum gained support after Elon Mush said the bitcoin mining is powered mainly by renewable energy, and Tesla will likely move to allow bitcoin for businesses once again.

The U.S. Dollar Index that estimates the greenback worth versus the basket of six major currencies slipped and touched 92.76 level, appending additional gains in Ethereum prices. Both of these currencies share a negative correlation. The bearishness in the greenback could be credited to the sunk risk-off market bias and eased down concerns of coronavirus radiated across the market.

ETH/USD Intraday Technical Levels

Support Resistance

1953.85 2059.43

1893.71 2104.87

1848.27 2165.01

Pivot Point: 1999.49

ETH/USD - Technical Outlook

The second most traded cryptocurrency, ETH/USD, is trading with a solid bullish bias at the 2,055 level. It’s gaining immediate support at 2,045 level that’s being extended by a double top pattern that has already been violated during the Asian session. Now, this double top resistance level is working as a support for Ethereum.

On the 4-hour timeframe, Ethereum’s MACD and 50 EMA indicators are supporting buying trend. Therefore, Ethereum’s next resistance stays at 2,170 level. Bullish crossover of this level exposes the ETH/USD price towards 2,285 and 2,385 levels. At the same time, the support remains at 2,045 and 1,947 levels. All the best!

Elon Musk Supports Dogecoin

The DOGE/USD pair is trading with a slight bullish bias at the 0.1953 level on Friday. Having soared from 0.1852 support level on the 4-hour chart. Most of the bullish trend is triggered amid fundamentals support. Coinbase now takes business payments in Dogecoin. Coinbase Commerce now permits clients to check out and spend with seven cryptocurrencies, including the Dogecoin, the meme crypto.

DOGE/USD remains on Elon Musk’s account as the billionaire validated he held Bitcoin, Ethereum, and Dogecoin. On Thursday at the B-Word conference, Elon Musk validated that he had a couple of cryptos. The digital assets he carries including Bitcoin, Ethereum, and Dogecoin. The SpaceX CEO is fondly remembered in the community as the Doge father.

It seems the Doge father has not yet abandoned his favourite crypto. Musk verified that he held more BTC than Doge or Eth. This came as no shock as the billionaire had forever been bullish on the BTC/USD coin and proceeded to back the asset.

As we know, the BTC/USD and DOGE/USD share a positive correlation, and any news supporting Bitcoin also underpins the price of Dogecoin. With that being said, Dogecoin is gaining support over comments from Elon Musk regarding Bitcoin.

As per Elon Musk, bitcoin is turning towards renewable energy, and several of the heavy-duty coal factories employed in China have been closed. Musk continued that he needed to verify that the usage of renewable energy was at or over 50% for bitcoin mining.

The U.S. Dollar Index that estimates the greenback worth versus the basket of six major currencies slipped and touched 92.76 level, appending additional gains in Dogecoin prices. Both of these currencies share a negative correlation. The bearishness in the greenback could be credited to the sunk risk-off market bias and eased down concerns of coronavirus radiated across the market.

DOGE/USD Intraday Technical Levels

Support Resistance

0.1848 0.19632

0.1789 0.20194

0.1733 0.20781

Pivot Point: 0.19045

DOGE/USD - Technical Outlook

The DOGE/USD pair is trading with a slightly bullish bias at 0.1952, having rejected at the double top resistance mark of 0.1963 level. Dogecoin is trying to close the “shooting star” candle below the 0.1963 level, making it a more solid resistance now.

The indicators like MACD and 50 EMA support a buying trend as the 50 EMA provides support at 0.1852 level. Bullish trend continuation and a breakout of 0.1963 level can expose DOGE/USD price towards 0.2048 and 0.2145 levels.

Besides, the bearish breakout of 0.1852 level can expose Doge towards 0.1789 and 0.1733 support levels on Friday. Bullish bias dominates over 0.1852 today. All the best!

Bitcoin to Face Resistance at $33,000

The BTC/USD was closed at $32,226.51 after placing a high of $32,573.13 and a low of $31,692.10. After plunging for consecutive two sessions, the Bitcoin prices recovered on Thursday as they soared upward, reversing it's momentum. Most of the bullish trend was triggered by Tesla CEO Elon Musk. According to him, the organization would likely re-accept bitcoin for its vehicle buying as the cryptocurrency seemed environmentally friendly.

As per Elon Musk, bitcoin is turning towards renewable energy, and several of the heavy-duty coal factories employed in China have been closed. Musk continued that he needed to verify that the usage of renewable energy was at or over 50% for bitcoin mining.

As per the latest figures from Cambridge University, many miners have been directed to the United States., which has become the second-biggest target for the world's bitcoin miners. Musk stated that long-term renewable energy would be the most affordable energy; however, it could not be accomplished overnight. He further added that as long as there is determined solid effort from the mining industry to move towards renewables, Tesla would promote the BTC. These remarks from Elon Musk appended in the worth of BTC/USD, and the cryptocurrency rose around 8% in value.

The U.S. Dollar Index that estimates the greenback worth versus the basket of six major currencies slipped and touched 92.76 level, appending additional gains in Ethereum prices. Both of these currencies share a negative correlation. The bearishness in the greenback could be credited to the sunk risk-off market bias and eased down concerns of coronavirus radiated across the market.

BTC/USD Intraday Technical Levels

Support Resistance

31,754 32,635

31,285 33,044

30,873 33,516

Pivot Point: 32,163

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, continues trading with a bullish bias at 32,610 level. On Friday, the BTC/USD is facing a double top resistance level at 33,094 level and bullish breakout of this level can expose Bitcoin price towards next resistance levels of 33,516 and 34,492 level. Below this double top pattern of 33,094 level, the BTC/USD support prevails at 31,745 and 30,995 levels. In addition to this, the 4-hour chart's MACD and 50 EMA are exhibiting a bullish crossover, suggesting buyers are taking control. Thus, the bullish breakout of 33,094 level exposes the Bitcoin price towards 34,100 (daily 50 EMA) resistance level. All the best!

Triple Bottom Pattern Support

The XAU/USD was closed at $1805.25 after placing a high of $1814.35 and a low of $1794.55. Gold dropped for the 5th consecutive session on Wednesday and extended its loss to hit its 1-week lowest level amid the renewed risk appetite in the market along with the rebounding U.S. Treasury Yields.

The stocks and bond yields saw a massive sell-off on Monday due to rising risk-off market sentiment driven by the concerns over stalling global economic recovery amid the rising number of Delta variant COVID-19 infections throughout the globe. However, on Wednesday, the riskier assets like stocks and yields recovered and dimmed the safe-haven appeal for bullion.

Meanwhile, the fears about the recent surge in coronavirus cases caused by the Delta variant eased down and took away the rising demand for the U.S. dollar triggered by its safe-haven status. The return of risk appetite also played an essential role in pulling back the price of the U.S. dollar that had reached its highest since late March at 93.19 level on Wednesday before dropping.

The U.S. bond yields recovered on Wednesday after falling to their lowest since February on Tuesday and reached 1.297%. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies fell on Wednesday after rising for the previous four consecutive sessions and reached 92.73.

The rise in Treasury Yields continues to pull back the prices of gold on Wednesday as the rising yields tend to increase the opportunity cost of holding nonyielding bullion. According to some analysts, the possibility of the Fed’s transitory view being proved correct, especially in the rising COVID-19 cases situation, proved negative for an inflation-hedge like gold. However, an accommodative monetary policy in this scenario could prove beneficial for the yellow metal.

There was no macroeconomic data from the U.S. side on Wednesday. However, the U.S. Federal Reserve officials will meet next week, while the meeting of the European Central Bank is scheduled for Thursday that has got the attention of most investors right now.

On the coronavirus front, the World Health Organization reported that the highly transmissible delta variant of the coronavirus was now spread to 124 countries. It will become the dominant strain globally as it was outcompeting other virus variants in the coming months.

In the last week, the global number of coronavirus cases rose by 3.4million, which was up by 12% from the previous week. The average daily count of the cases worldwide became 490,000 cases compared to the 400,000 cases a week ago. Approximately 190 million confirmed coronavirus cases had been reported throughout the globe, along with a death rate of 4 million.

Australia went into lockdown again on Tuesday while the re-openings in the U.K. and the United States were putting pressure on the government. Meanwhile, the President of the U.S., Joe Biden, said that children below 12 would receive vaccination within months and urged unvaccinated Americans to get their vaccine shots as the virus surged across the nation.

Gold Intraday Technical Level

Support Resistance

1802.44 1823.14

1793.47 1834.87

1781.74 1843.84

Pivot Point: 1814.17

Gold - XAU/USD - Technical Outlook

On Thursday, the precious metal gold is trading with a bearish bias at a 1,798 level. It has violated the upward channel support at the 1,802 level supporting selling bias in metal now. Furthermore, gold has failed to cross above the 50 EMA level at 1,811, and closing below this EMA is adding additional selling pressure on gold. The bearish breakout of gold’s support level of 1,796 exposes gold price towards the next support area of 1,784. Conversely, a bullish crossover of 1,811 levels can reveal gold price towards 1,824 resistance. The MACD supports a selling bias; therefore, the trader’s attention will be on the 1,796 level to determine whether to short below a stay long above this level. All the best!