XAU/USD Breaking Below 1,790 Support

After hitting a high of $1808.45 and a low of $1791.75, gold prices settled at $1795.95. Despite the current weakness in the U.S. dollar, gold went red on Wednesday after climbing for two consecutive sessions. On Wednesday, the U.S. Dollar Index (DXY), which gauges the dollar's value against a range of six major currencies, fell to 92.42, giving up all of its prior daily gains. While 10-year Treasury yields on 10-year notes jumped to 1.32 percent for the day, supporting the U.S. currency but driving gold prices down.

On Wednesday, the yellow metal plummeted below $1800 after U.S. Treasury Yields jumped by more than 2.1 percent in a single day, boosting the opportunity cost for traders holding non-yielding gold and increasing selling pressure.

The recent rise in Treasury yields can be ascribed to a positive Empire State survey, which suggested that manufacturing growth might not be as bad as previously thought. This news comes after the Federal Reserve announced last week that industrial production increased by 0.4 percent in August, compared to 0.8 percent in July. According to several researchers, the recent drop in industrial production caused factory outages caused by Hurricane Ida, which hampered operations.

For September, the Empire State Manufacturing Index rose to 34.3 from 18.1 expected at 17:30 GMT, bolstering the U.S. dollar and adding to further declines in gold prices. Import prices fell by 0.3 percent in August versus a forecast of 0.3 percent, putting pressure on the U.S. dollar, which led to a further drop in gold prices. At 18:15 GMT, industrial production in August fell by 0.4 percent, vs. an anticipated 0.5 percent reduction, putting pressure on the U.S. dollar, which reduced the decline in gold. In August, the Capacity Utilization Rate stayed unchanged at 76.4 percent, as expected.

Meanwhile, consumer prices in the United States climbed at the slowest rate in six months in August, confirming the Fed's initial belief that high inflation levels were only temporary. The data also suggested that the Fed would take its time withdrawing economic stimulus and maintain interest rates near zero for a while.

Investors' attention has now switched to the Federal Reserve's scheduled two-day monetary policy meeting the week after next. Investors are now waiting for signals about tapering during the meeting, which is dragging on the market.

GOLD Intraday Technical Level

Support Resistance

1788.99 1805.69

1782.02 1815.42

1772.29 1822.39

Pivot Point: 1798.72

GOLD - Technical Outlook 

On Thursday, the precious metal gold is trading at 1,787 levels, having violated the support level of 1,790 level. On the lower side, the precious metal gold's immediate support prevails at 1,787 level and a bearish breakout below this level exposes the metal towards 1,780 level.

On the resistance side, the immediate resistance stays at 1,790, and above this, the daily pivot point may extend resistance at the 1,796 level. Recently, gold has closed three black crows patterns on an hourly timeframe. It's demonstrating strong selling bias among investors. Thus, the metal has the potential to go after 1,780 level upon breakout of 1,787 support level. The RSI and Stochastic support bearish bias in gold. All the best!

On the support side, gold's immediate support prevails at the 1,797 level, and a breakout below this level exposes the metal towards the 1,786 level. The leading technical indicator like Stochastic RSI suggests a bullish bias in gold. Thus, the bullish bias dominates over the 1,797 level and vice versa. All the best!

Sterling Supported Over 1.3810 Level

After hitting a top of $1.3855 and a low of $1.3792, the GBP/USD was closed at $1.3837. On Wednesday, the GBP/USD pair reversed direction and went green, owing to the current weakness of the US dollar and the strength of the British Pound. Despite a better-than-expected Empire State Manufacturing Survey, the US Dollar Index fell on Wednesday. The DXY dropped to 92.42, putting pressure on the greenback, which pushed the GBP/USD higher. The dollar's weakening can be ascribed to investors' cautious behaviour or in anticipation of indications from the Federal Reserve about tapering at its September monetary policy meeting next week.

The rising strength of the British Pound, on the other hand, can be linked to better-than-expected macroeconomic statistics released on Wednesday. The UK's consumer price index increased by the most in a single month since records began in January 1997, pushing the GBP higher on the board.

Officials said the record increase in CPI statistics was most likely a one-time occurrence and that the hike could have been amplified by last year's Eat Out to Help Out Program. Customers might get half-price food and drink between Mondays and Wednesdays under the government's EOHO Scheme, launched in August 2020. According to the Office of National Statistics, because the EOHO plan was only transitory, the upward move in the August CPI rate in 2021 will most likely be transient.

On the data front, the August CPI rose to 3.2 percent against a forecast of 2.9 percent at 11:00 GMT, bolstering the British Pound and pushing GBP/USD higher. The Core CPI rose to 3.1 percent, up from 2.9 percent expected, bolstering the British Pound, which saw further gains in GBP/USD.

The RPI for the year rose to 4.8 percent, beating expectations of 4.6 percent, bolstering the British Pound, and driving GBP/USD prices higher. The PPI Input in August jumped to 0.4 percent against a forecast of 0.2 percent at 11:02 GMT, bolstering the British Pound and adding to advances in GBP/USD.

The PPI Output for August also increased to 0.7 percent, up from 0.4 percent projected, bolstering the British Pound and pushing GBP/USD prices higher. The HPI fell to 8.0 percent in August, vs. an anticipated 12.4 percent, weighing on the British Pound, which capped any advances in GBP/USD at 13:30 GMT. The CB Leading Index fell to 0.1 percent in July at 18:30 GMT, down from 0.5 percent the previous month.

For September, the Empire State Manufacturing Index increased to 34.3 from 18.1 expected, bolstering the US dollar and capping further advances in GBP/USD. Import prices in August fell by -0.3% against expectations of 0.3%, putting pressure on the US dollar, which capped further advances in GBP/USD.

At 18:15 GMT, August Industrial Production fell to 0.4 percent, vs. a forecast of 0.5 percent, weighing on the US dollar and adding to the upward momentum in GBP/USD. In August, the Capacity Utilisation Rate stayed unchanged at 76.4 percent, as expected. The currency pair GBP/USD was higher on Wednesday due to the strength of the British Pound and the weakening of the US dollar.

GBP/USD Intraday Technical Levels

Support Resistance

1.3768 1.3880

1.3729 1.3953

1.3657 1.3991

Pivot Point: 1.3841

GBP/USD - Technical Outlook 

On Thursday, the technical side of Sterling remains mostly unchanged as it continues to follow the same technical levels from our previous report. The GBP/USD pair is trading at the 1.3827 level, gaining immediate support at the 1.3800 level. On the 4-hour timeframe, this support level is extended by an upward trendline. The closing of Doji and bullish engulfing candles above the 1.3800 level is extending solid support to the GBP/USD pair.

On the resistance side, the pair's next resistance prevails at the 1.3838 level. An intraday pivot point level is also extending this level. Further, on the higher side, the GBP/USD will be exposed towards the 1.3875 level upon the breakout of the 1.3838 level.

The breakout of the 1.3801 level exposes the GBP/USD price towards the 1.3765 and 1.3728 levels. Bullish bias dominates over 1.3800 levels and vice versa. All the best!

Upward Channel Support Bullish Bias

The BTC/USD reached a high of $48,440.0 and a low of $46,738.0 before closing at $48,136.0. On Wednesday, BTC/USD extended its gains for the second day in a row, reaching near $49,000 as favourable market circumstances pushed its prices higher for the day.

On Wednesday, AMC Entertainment CEO Adam Aron said that Bitcoin will now be accepted for online ticket and concession payments at AMC Theaters. This news bolstered the BTC/USD exchange rate, which was already increasing. The theatre firm also stated that it would accept additional cryptocurrencies such as ETH, Litecoin, and Bitcoin Cash, and BTC. The growing usage of BTC and other cryptocurrencies strengthened market sentiment, allowing BTC/USD to extend its day's gains.

Meanwhile, Fidelity Investments, an American financial services firm, has petitioned the Securities and Exchange Commission (SEC) to approve its Bitcoin exchange-traded fund. The corporation lobbied the agency to accept the effort because investor demand for digital assets has skyrocketed. The firm's spokesperson cited several grounds for the watchdog's approval of its BTC ETFs, including that the bitcoin market has seen significant growth in trading activity. 

The rising demand for digital assets and direct exposure to BTC via ETFs was also emphasised, as was the fact that comparable funds had already been permitted in Canada and some European countries. BTC/USD was also higher on Wednesday as a result of these developments.

Additionally, Interactive Brokers Group, an American multinational brokerage firm, has partnered with Paxos Trust Company, a blockchain infrastructure platform, to provide digital asset services to its consumers. Customers of the brokerage business will gain access to some of the major cryptocurrencies by market cap, including BTC, ETH, LTC, and BCH, resulting from the partnership.

Depending on monthly volume, the company will charge a fee of 0.12 percent to 0.18 percent. Clients will be able to make use of the new service for $1.75 per order. The CEO of the brokerage firm cited the increased interest of institutional investors in digital assets as the primary reason for the alliance. The value of BTC/USD increased as a result of this news, and its prices rose.

On the other hand, the rumours stated that US lawmakers were going to apply the same trading restrictions to cryptocurrencies as they do to equities and bonds on the stock exchange. The measure was introduced by Democratic members in the United States House of Representatives on Monday to close the tax loophole exploited by crypto investors. If the law is passed, BTC and other digital asset investors will lose the current benefits provided by the lack of rules. Some of the daily increases in BTC/USD were fuelled by this news.

BTC/USD Intraday Technical Levels

Support Resistance

47102.6 48804.6

46069.3 49473.3

45400.6 50506.6

Pivot Point: 47771.3

BTC/USD - Technical Outlook 

Bitcoin prices are now trading at 48,362 on Thursday. Bitcoin has now breached the daily pivot point resistance mark of $47,772. On the upside, the 48,843 mark will likely act as immediate resistance for the BTC/USD. Additional bullish developments till the 49536 and 50600 resistance marks could be triggered by a breakout at the 48,843 level.

Bitcoin is expected to find immediate support at the 47,772 level, which is prolonged by an daily pivot point mark. Furthermore, a break underneath this level could extend the selling trend to the levels of 47,080 and 46,009. Today, Bitcoin has a positive tendency, particularly above 47,772 levels. Good luck!

Weaker CPI Triggers Bullish Trend in Gold

After reaching a high of $1810.65 and a low of $1783.35, gold prices were closed at $1805.65. Following the long-awaited U.S. CPI report disappointed investors, gold rallied on Tuesday and gained momentum against the dollar.

On Tuesday, gold reached a one-week high after the CPI report showed a slower-than-expected rise in U.S. inflation, adding to the uncertainty over the Federal Reserve's plan for reducing monetary support. According to several analysts, the reading allayed fears of out-of-control inflation and backed up the Fed's prediction that the elevated price pressures witnessed since the beginning of the year would drop by the fourth quarter.

On the data front, the NFIB Small Business Index rose to 100.1 in August against a forecast of 99.0, bolstering the U.S. dollar and capping further gains in gold prices at 15:00 GMT. IN AUGUST, the CPI fell to 0.3 percent, vs. an anticipated 0.4 percent, weighing on the U.S. dollar and adding to precious metals advances. The Core CPI fell to 0.1 percent in August versus a forecast of 0.3 percent, putting pressure on the U.S. currency and pushing gold prices higher.

The inflation report could also indicate that the Fed will take its time dismantling economic stimulus measures and keep interest rates low. This might be good news for precious metals because it indicates the Fed is less likely to announce economic stimulus cuts at its September meeting.

For a long time, the Fed's stimulus program and reduced interest rates have kept price pressures in the United States strong. The U.S. dollar has been weighed down by $120 billion in bond buying since March 2020, as well as near-zero interest rates for the past 18 months, driving gold prices to linger at $1800.

The U.S. economy shrank by 3.5 percent in 2020 due to business closures caused by the coronavirus outbreak. However, the U.S. economy expanded by 6.5 percent in the second quarter of 2021, according to the Federal Reserve's predictions. The Fed's decision to cut economic support was fuelled by increased optimism that the recovery was gaining steam. However, some inflation and employment figures imply that the Fed may defer such a decision, driving gold higher these days.

GOLD Intraday Technical Level

Support Resistance

1789.11 1816.41

1772.58 1827.18

1761.81 1843.71

Pivot Point: 1799.88

GOLD - Technical Outlook

On Wednesday, the precious metal gold was trading at 1,803 levels with a bullish bias.Gold’s immediate resistance stays at the 1,808 level, and a bullish breakout at 1,808 exposes the pair towards the next resistance level of 1,815. Further, on the higher side, the next resistance prevails at the 1,826 level.

On the support side, gold’s immediate support prevails at the 1,797 level, and a breakout below this level exposes the metal towards the 1,786 level. The leading technical indicator like Stocahstic RSI is suggesting a bullish bias in gold. Thus, the bullish bias dominates over the 1,797 level and vice versa. All the best!

Sterling Supported Over 1.3800 Level

After hitting a high of $1.3914 and a low of $1.3802, the GBP/USD pair finished at $1.3806. Following the dramatic drop in the US dollar, the GBP/USD reached its highest level since August 6th, a more than one-month high. Nevertheless, the currency pair GBP/USD could not hold its gains for long and began to fall during American trading hours, reversing its trajectory to fall for the third consecutive session.

On Tuesday, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, dipped to 92.32, weighing on the greenback and lifting GBP/USD values during early trading hours. The yield on the benchmark 10-year note in the United States fell for the second day and hit 1.26 percent, its lowest level since August 24th, adding to the strength in the GBP/USD during early trading hours.

On the data front, the Average Earnings Index for the quarter jumped to 8.3 percent at 11:00 GMT, beating expectations of 8.2 percent, bolstering the British Pound, and halting further losses in GBP/USD. The Claimant Count Change for August fell to -58.6K, versus an expected -71.7K, weighing on the British Pound, which led to a further decline in GBP/USD. The UK unemployment rate stayed unchanged in July, despite estimates of 4.6 percent.

The NFIB Small Business Index increased in August to 100.1 versus a forecast of 99.0, supporting the US dollar and adding to the loss in the GBP/USD pair at 15:00 GMT. The CPI in August fell to 0.3 percent against expectations of 0.4 percent at 17:30 GMT, weighing on the US dollar and causing more losses in GBP/USD. In August, the Core CPI decreased to 0.1 percent, compared to the projected 0.3 percent, weighing on the US dollar and limiting the decline in GBP/USD values.

Following the release of a disappointing US CPI report, the greenback came under immediate pressure, pushing GBP/USD to its six-week high. The dollar's selling pressure grew in anticipation of the Federal Reserve's decision not to withdraw economic stimulus at its September meeting. This new round of dollar selling pushed the riskier currency pair GBP/USD higher on the board.

However, the GBP/USD currency pair came under renewed pressure when UK government experts warned that if regulations were not strengthened, the number of COVID hospital admissions in England might skyrocket.

According to the Sage committee, hospitalizations in England might rise to 2000 to 7000 per day next month, up from 1000 now. They stated that a very light set of limits could help to reduce illnesses, whereas Boris Johnson has proposed that higher vaccines could help to prevent additional restrictions.

PM Boris Johnson revealed his COVID-19 winter plans on Tuesday, saying that some measures would be kept in reserve as part of the government's Plan B if the NHS was put under unsustainable strain. Vaccine passports, enforced face masks, and work-from-home recommendations were among them.

However, news from the Scientific Advisory Group for Emergencies (Sage) on Tuesday that another significant wave of hospitalization could occur in the coming months continued to weigh on the British Pound, as GBP/USD lost all of its daily gains and turned red for the day.

GBP/USD Intraday Technical Levels

Support Resistance

1.3768 1.3880

1.3729 1.3953

1.3657 1.3991

Pivot Point: 1.3841

GBP/USD - Technical Outlook

On Wednesday, the GBP/USD pair is trading at 1.3810 level, gaining immediate support at the 1.3800 level. On the 4-hour timeframe, this support level is extended by an upward trendline. The closing of Doji and bullish engulfing candles above the 1.3800 level is extending solid support to the GBP/USD pair.

On the resistance side, the pair’s next resistance prevails at the 1.3838 level. This level is also being extended by an intraday pivot point level. Further, on the higher side, the GBP/USD will be exposed towards the 1.3875 level upon the breakout of the 1.3838 level.

The breakout of the 1.3801 level exposes the GBP/USD price towards the 1.3765 and 1.3728 levels. Bullish bias dominates over 1.3800 level and vice versa. All the best!

All the best

Triple Top Pattern to Extend Resistance at 47,616

Before closing at $47,078.0, the BTC/USD reached a high of $48,235.0 and a low of $44,726.0.In the wake of recent good developments around the network, BTC/USD soared and found some support on Tuesday, reaching its one-week high.

Magnum, a New York-based real estate firm, stated that it was trying to sell three ground-floor storefronts in Manhattan for $29 million and that it would accept Bitcoin payments for services. M&T Bank, Mighty Pita, and ProHEALT Urgent Care were among the tenants of the said establishments, which were part of a luxury residential project. Over 9000 square feet of shop space is available. BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, will handle all Magnum BTC transactions. The value of BTC/USD rose on Tuesday as a result of this news.

According to Cathie Wood, CEO of Ark Investment, the bitcoin price might reach $500,000 in five years. The stated value represents a more than tenfold rise over the current value of the main cryptocurrency. Wood said at the SALT Conference in New York that a few major industry factors were required for bitcoin pricing to fulfill her projection. Companies must continue using BTC on their balance sheets as they transition away from cash. Institutional investors must then put aside 5% of their total assets under management for the BTC.

These requirements appear to have begun to be followed, as MicroStrategy CEO Michael Saylor recently stated that his business invested more than $242 million of its Treasury assets to purchase 5050 BTC, bringing the total number of BTC on the balance sheet to around 114,042. Jack Dorsey and Elon Musk are two other well-known executives that have followed in Saylor's footsteps.

Furthermore, MoneyLion, an American fintech firm, stated on Tuesday that users would be able to trade digital assets thru the all-in-one financial services app. The company intends to offer more cryptocurrencies to its customers in the future, but for now, they may only be able to use BTC and ETH. MoneyLion's new cryptocurrency service allows customers to purchase and sell BTC and ETH from within its all-in-one app. This news increased the upward pressure on BTC/USD, allowing it to continue in the green.

On the other hand, one of Uzbekistan's central bank officials has stated that the country will never accept cryptocurrencies such as Bitcoin as a payment option. Behzod Khamraev, deputy head of Uzbekistan's Central Bank, has stated that local authorities would never permit residents to utilise bitcoin as a payment mechanism because it is unbacked. This news fueled part of Tuesday's BTC/USD advances.

BTC/USD Intraday Technical Levels

Support Resistance

45457.6 47966.6

43837.3 48855.3

42948.6 50475.6

Pivot Point: 46346.3

BTC/USD - Technical Outlook

On Wednesday, the BTC/USD pair is trading with a bullish bias at the 46,955 level. It’s gaining immediate support at the 46,140 level, which is being extended by a daily pivot point level. Below this, Bitcoin will be exposed to the next support level of 45,325 and 44,663 level.

On the resistance side, Bitcoin’s immediate resistance stays at the 47,616 level. A bullish breakout of this level exposes the BTC/USD pair toward its next resistance level of 48,431. Furthermore, the further upward trend exposes BTC towards the 49,908 level.

The Stochastic is supporting a selling trend. However, investors will be keeping an eye on the 47,616 level. The bullish may dominate over the 47,616 level today and vice versa. . All the best!

Pivot Point Level to Support Gold at $1,793

After hitting a high of $1800.05 and a low of $1785.10, gold prices settled at $1794.55. Gold prices were sluggish as the US dollar remained strong, and investors awaited data on US consumer prices, which are due this week. This data drew investors' attention since it could influence the Fed's judgment on when to begin withdrawing its support measures.

During early trading hours on Monday, the US Dollar Index hit 92.89, its highest level since August 27th, but it couldn't stay there for long, falling to 92.6. This in turn, placed downward pressure on the greenback. The 10-year Treasury yield decreased to 1.31 percent, putting more pressure on the US dollar. The weakening of the US dollar boosted gold prices, which recouped some of their Monday losses.

On the statistics front, the Federal Budget Balance in August showed a deficit of -170.6 billion dollars, vs. an anticipated -260.5 billion dollars, weighing on the US dollar and adding to gold price gains.

The CPI figure for August is the focus of this week's market calendar. Experts ponder whether the inflation increase will subside this year, as the Federal Reserve claims. The CPI statistics for the United States are scheduled on Tuesday, and it is projected to come in at 5.3 percent. The CPI increased slower in July, although it remained at a 13-year high of 5.4 percent.

The Federal Reserve is gearing up for its September policy meeting, and it's primarily focused on August's CPI statistics to have a clear understanding of how to reduce stimulus. As the economy has picked up speed, the subject of whether the Fed should taper its stimulus and raise interest rates has been argued for months, but the emergence of the Delta strain of coronavirus has conflicted with the idea of tapering.

Meanwhile, Loretta Mester, the president of the Cleveland Federal Reserve, stated on Friday that she still wants the central bank to begin tapering asset purchases this year. She's joining a group of policymakers who indicated that their plans to start reducing support were not hampered by weaker job growth in August. These remarks boosted the value of the US dollar and capped further advances in gold prices.

GOLD Intraday Technical Level

Support Resistance

1786.41 1801.36

1778.28 1808.18

1771.46 1816.31

Pivot Point: 1793.23

GOLD - Technical Outlook

The technical side of gold hasn’t changed and it’s follow the same trading levels as discussed in Monday’s report. Gold is trading with a neutral bias, holding above a pivot point trading level of 1,793. Gold, on the other hand, is expected to find immediate support near 1,782. The breakout at the 1,782 level exposes gold price towards next support level of 1,776, and below this, the next support will prevail around the 1,765 level.

The pair's immediate resistance stays at the 1,792 level. In the event of a bullish breakout, gold prices will be exposed to the 1,798 level, with the next resistance located around the 1,811 level. In the 4-hour time frame, the 50-period exponential moving average is likely to extend resistance around the 1,811 level. The closing of candles below 1,792 suggests a bearish bias in the precious metal gold. Lastly, the RSI indicates a bearish bias in gold. Thus, gold's bearish bias remains strong below the 1,794 level and vice versa. All the best!

Pivot Point Resistance at 1.1823

After hitting a top of $1.1818 and a low of $1.1769, the EUR/USD pair was settled at $1.1808. On Monday, the EUR/USD currency pair fell for the third straight session, extending its losses to its lowest level since August 27. Despite the weakening of the US dollar, the EUR/USD currency pair fell on Monday due to recent statements by a German member of the European Central Bank.

Isabel Schnabel asserted that inflation would begin to fall as early as next year, putting pressure on the single currency Euro, which resulted in a loss in the EUR/USD currency pair. The US Dollar Index, which measures the greenback's value against a basket of six major currencies, gained to 92.89 in early trading hours on Monday, supporting the greenback and putting pressure on the EUR/USD pair for the day.

However, the greenback came under pressure during American trading hours and sank to 92.6%, giving up its gains, capping additional losses in the EUR/USD pair. On the data front, the German WPI in August fell to 0.5 percent, versus a forecast of 0.8 percent, weighing on the single currency Euro and adding to the loss in the EUR/USD pair at 11:00 GMT. The Italian Quarterly Unemployment Rate fell to 9.8% at 13:00 GMT, versus an estimate of 10.1 percent, bolstering the Euro, which capped additional losses in the EUR/USD pair.

In August, the Federal Budget Balance indicated a deficit of -170.6 billion dollars, below an anticipated deficit of -260.5 billion dollars, weighing on the US dollar and capping further decrease in the EUR/USD pair at 22:47 GMT.

The market's risk appetite was also dampened by the re-emergence of inflation fears, exacerbated by Friday's higher-than-expected US Producer Prices. Concerns over the progress of the Delta version of the coronavirus and its potential influence on global economic recovery weighed on risk-on market mood and the riskier currency pair EUR/USD.

Furthermore, market investors' attention has switched to the release of the August CPI report, which is predicted to dip to 5.3 percent from 5.4 percent in July. Investors anticipate that the CPI statistics, which will be released on Tuesday, will provide Fed members a clearer picture of tapering. The cautious behavior of investors ahead of the release of the CPI report kept trade volume from US investors low in the market, contributing to the EUR/USD pair's loss.

EUR/USD Intraday Technical Levels

Support Resistance

1.1778 1.1827

1.17491.1847

1.1729 1.1875

Pivot Point: 1.1798

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD is trading with a bullish bias at the 1.1827 level. The currency pair has already violated an intraday pivot point at the 1.1798 level. On the higher side, the currency pair is facing strong resistance at the 1.1827 level. This particular resistance level is being extended by a downward trendline which can be seen on a 1-hourly timeframe.

A bullish breakout off the 1.1827 level can expose the currency pair towards the next resistance level of 1.1845. Moreover, an additional break out of the 1.1845 level exposes the euro currency towards the next significant resistance level of 1.1874 level.

Speaking about the support levels, the EUR/USD currency pair faces immediate support at 1.1816, and below this, the next support will prevail at the 1.1798 level. The leading technical indicator, stochastic RSI, is holding in a buying zone. Therefore the bullish bias dominates above 1.1816 and vice versa. All the best

Bitcoin Breaks Above 45,150 Pivot Point

The BTC/USD reached a high of $46,823.0 and a low of $43,514.0 before closing at $44,960.0. Despite positive developments in the Bitcoin ecosystem, BTC/USD fell on Monday after climbing for two consecutive sessions.

Mthuli Ncube, Zimbabwe's Finance Minister, believes that the country's residents should accept cryptocurrency payments. He believes that the decreased cost of remitting funds after El Salvador legalized bitcoin could be a good answer for Zimbabweans, who spend up to $90 million on remittance fees each year.

The Minister had previously expressed his support for bitcoin and other cryptocurrencies. He also advised citizens to invest in learning about emerging inventions like Bitcoin a few years ago, and he asked governments to follow the lead of countries like Switzerland in accepting the flagship cryptocurrency.

On the other side, sources from El Salvador claim that the country will exempt Bitcoin investors from paying capital gains and income taxes. Javier Argueta proposed this, a legal adviser to President Nayib Bukele, to attract international investment through significant tax savings on BTC.

He claimed that anyone with bitcoin assets and high profits would be exempt from paying taxes and that this was done solely to encourage foreign investment. He also stated that the country would not levy any taxes on BTC capital gains and the income and profits generated from crypto investments.

On Monday, MicroStrategy's CEO, Michael Saylor, also stated that the company had purchased an additional 5050 BTC for $242.9 million in cash during the third quarter of 2021. As per Saylor, the company paid $48,099 on average for bitcoin. This acquisition brought the firm's total BTC holdings to 114,042 BTC, with a total purchase value of $3.16 billion and an average price of $27,713 per BTC.

In addition, Shark Tank star Kevin O'Leary, or Mr. Wonderful, has spoken out about bitcoin and other cryptocurrencies, predicting that a trillion dollars will pour into Bitcoin in the next few years. He also stated that cryptocurrency would become an institutional asset class, in his opinion. He did not give a timeframe for this but did say that it would happen someday because cryptocurrencies aren't going away.

Despite all of the above-mentioned positive factors, the BTC/USD price fell on Monday, and the reason might be ascribed to the Central Bank of Colombia's recent announcement. Leonardo Villar, the manager of Colombia's Banco de la Republica (Central Bank), has stated that cryptocurrencies are hazardous investments that should be regulated.

Cryptocurrencies, according to Villar, are systems with features that could be attractive in the future, but they must first be controlled owing to the high level of risk involved with them. The use of Bitcoin in Colombia is estimated to be around 2% of GDP, and officials are concerned that criminal organizations could use digital assets, so they must first be regulated.

BTC/USD Intraday Technical Levels

Support Resistance

43375.0 46684.0

41790.0 48408.0

40066.0 49993.0

Pivot Point: 45099.0

BTC/USD - Technical Outlook

Bitcoin is trading with a slight bullish bias at the 45,700 level. On the downside, Bitcoin is gaining immediate support at the 45,150 level and a bearish crossover below this level could expose the next support level of 43,430. Furthermore, another breakout of the 43,430 level could expose Bitcoin prices towards the next support level of 41,696. In the 4-hour timeframe, Bitcoin has violated the pivot point level of 45,150. Currently, this pivot point level is working as a major support for Bitcoin. However, the crossover at the 45,614 level exposes Bitcoin prices towards the next resistance level of 46,518.

Furthermore, a break out of the 46,518 level exposes Bitcoin prices to the next double top resistance level of 47,902. Speaking of the leading technical indicators such as RSI, they are holding in a buying zone alongside the 50 day SMA. It suggests a slight bullish bias today, especially above the 45,150 level and vice versa. All the best

Pivot Point Level to Support Gold at $1,792

After hitting a high of $1806.00 and a low of $1788.20, gold prices settled at $1792.10. Gold prices fell on Friday as the US currency strengthened.

The US Dollar Index, which measures the greenback's value against a basket of six major currencies, jumped to 92.6, bolstering the US dollar and putting downward pressure on gold prices. The 10-year Treasury yield climbed higher on Friday, reaching 1.35 percent, adding to the dollar's strength and weighing on gold prices.

Uncertainty about the US Federal Reserve's tapering plan was another factor in gold's decline, putting most investors on the sidelines. After economic statistics showed that high inflation could linger for some time, the yield on the benchmark 10-year note in the United States remained high. Because gold is considered an inflation hedge, higher yields indicate a higher opportunity cost for storing non-yielding bullion, which kept the yellow metal under pressure.

Gold fell for the first time in five weeks, owing to macroeconomic data showing that producer prices in the United States climbed by 8.3% in August, the highest level in almost a decade. This increase in costs could be attributed to persistent inflationary pressure in an economy still recovering from the effects of the coronavirus outbreak. The Fed's stimulus program and other monetary accommodations have been blamed for the increased pricing pressures in the United States.

The central bank has been buying $120 billion in bonds and other assets to bolster the economy since the COVID-19 outbreak in March 2020. For the past 18 months, the bank has kept its interest rates at near-zero levels.

The Fed's reduction of stimulus measures has been a fiercely discussed topic recently, as the emergence of the Delta coronavirus has hampered the economy's recovery. However, the case for tapering became less compelling as August employment growth fell 70 percent short of economists' expectations.

On the data front, the PPI for August rose to 0.7 percent against the predicted 0.6 percent at 17:30 GMT, bolstering the US dollar and adding to the decline in gold prices. In August, the Core PPI jumped to 0.6 percent, up from the forecasted 0.5 percent, bolstering the US dollar and accelerating the decrease in yellow metal prices. Final Wholesale Inventories remained unchanged at 19:00 GMT, with predictions of 0.6 percent.

GOLD Intraday Technical Level

Support Resistance

1788.06 1789.86

1787.38 1790.98

1786.26 1791.66

Pivot Point: 1789.18

GOLD - Technical Outlook

The precious metal gold is trading with a bullish bias, holding above a pivot point trading level of 1,789. Gold, on the other hand, is expected to find immediate support near 1,782. The breakout at the 1,782 level exposes gold price towards next support level of 1,776, and below this, the next support will prevail around the 1,765 level.

The pair's immediate resistance stays at the 1,792 level. In the event of a bullish breakout, gold prices will be exposed to the 1,798 level, with the next resistance located around the 1,811 level. In the 4-hour time frame, the 50-period exponential moving average is likely to extend resistance around the 1,811 level. The closing of candles below 1,792 suggests a bearish bias in the precious metal gold. Lastly, the RSI indicates a bearish bias in gold. Thus, gold's bearish bias remains strong below the 1,794 level and vice versa. All the best!