38.2% Fibonacci Extending Resistance!

The BTC/USD was closed at $40578.0 after placing a high of $41827.0 and a low of $35198.4. After declining for eight consecutive sessions, Bitcoin held some ground at $35,000 and pulled back on Thursday. Bitcoin started its upward momentum after continuously falling for more than a week on the back of much favorable news in circulation. Retail traders have turned their attention to the cryptocurrency space due to the latest developments in the market. According to Google trends data, the number of cryptocurrency searches has skyrocketed t new all-time high levels.

The queries varied from environmental issues related to cryptos to investors should sell cryptos. On Thursday, Google trends highlighted the massive surge in online searches for cryptocurrency and demonstrated through a graph that the search "should I sell my crypto" in the U.S. alone surged by 400% on the last day. The rising interest of retail investors in cryptocurrency added in the leading currency – Bitcoin, and lifted its prices on Thursday.

Furthermore, the American Investor and Hedge fund manager Bill Miller also backed up the leading cryptocurrency after its recent price collapse and said that Bitcoin was safe. He was confident that bitcoin would go back to its previous position as the decline was normal. It also added strength to the rising prices of Bitcoin.

The Nobel-prize-winning economist Paul Krugman who was previously known for being a crypto-skeptic is now appeared to have altered his 2008 views and admitted that flaws and all, Bitcoin was here to stay.

Meanwhile, the CEO and founder of Tron, Justin Sun, was reported to add to his bitcoin stash in an attempt to take a chance to buy the dip in the hope that prices will rise again soon. Sun announced that he had bought 4145 Bitcoin worth more than $150 million on Thursday at an average price f $36,800.

The University of Pennsylvania announced that the school had received a new anonymous donation of $5 million in bitcoin. It was the largest cryptocurrency gift the University has ever received. On the flip side, the Bank of Canada said that price volatility kept crypto assets from being widely accepted as means of payment. The Bank said that it has been monitoring crypto-asset markets as they surged in popularity last year due to easier access through ETFs, listed companies, and other investment vehicles. However, despite broadening interest, cryptocurrencies remain highly risky due to their intrinsic value was hard to establish, and people are hesitant to accept them as means of payment.

Furthermore, the U.S. Treasury said that the cryptocurrencies pose a significant tax-evasion risk and have outlined its plan to raise $700 billion over the next decade to help fund President Biden's ambitious American Families Plan through new tax enforcement measures. This plan will require that any crypto transfer over $10K be reported to the IRS; after this report, bitcoin lost some of its daily gains.

BTC/USD Intraday Technical Levels

Support Resistance

36575.2 43203.8

32572.5 45829.7

29946.6 49832.4

Pivot point: 39201.1

BTC/USD - Technical Outlook

The BTC/USD has recovered from a low level of 28,212 on Thursday. The leading crypto pair BTC/USD has already completed 38.2% Fibonacci retracement at 40,215 level, and now it's closing Doji candles below the same level. Bitcoin's immediate resistance stays at 40,215 level that marks 38.2% Fibo levels, and above this next resistances stays at 43,999 and 47,740 levels. At the same time, support holds around 36,480 and 32,350 levels today. Bitcoin remains below 20 and 50 periods EMA levels that place a bearish pressure on BTC/USD pair. Bearish bias seems stronger in 43,150 zones. All the best!

Unemployment Claims in Focus!

Gold prices were closed at $1866.20 after placing a high of $1891.25 and a low of $1852.50. Gold edged to its 4-months high level during early trading hours on Wednesday as the U.S. Treasury yields and dollar rose after minutes from the Federal Reserve meeting indicated the central bank might be crawling closer to taper talks. The U.S. Dollar Index (DXY) that measures the greenback's value against the basket of six major currencies rose after three days of losses and reached a $90.29 level. The U.S. Treasury yields also rose on Wednesday and came 1.692%, strengthening the greenback and weighed on the yellow metal prices.

On Wednesday, the U.S. Federal Reserve released its minutes from April's meeting and said that a solid pickup in economic activity would justify discussions about contracting monetary policy. According to the summary of the meeting, many Fed officials suggested that if the economy continued making rapid progress toward goals set by the committee, then it might be appropriate at some time in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.

Markets participants have been watching closely for clues about when the central bank might start tapering its bond purchases currently at $120 billion a month. Fed officials have been committed to not changing policy until their economic goals have been hit, particularly regarding employment and inflation.

This was the first time when discussions in the minutes exposed that central bankers have pointed out that a reduction in purchases could happen ahead; however, no timetable was provided. After the release of minutes, the U.S. dollar and government bond yields remained higher on the session that weighed on the yellow metal prices. On Wednesday, the Federal Reserve Bank of Atlanta President Raphael Bostic said that he was looking closely at what he anticipates to be volatile economic data in coming months for signs the economy has made substantial progress toward the Fed's goals of full employment and low inflation.

Gold Intraday Technical Level

Support Resistance

1848.71 1887.46

1831.23 1908.73

1809.96 1926.21

Pivot Point: 1869.98

Gold - XAU/USD - Technical Outlook

On Thursday, the precious metal gold continues trading strongly bullish at 1,876, having violated the intraday resistance level of 1,871 on the daily timeframe. On the 4-hour chart, the pair is gaining support at 1,869 level now and resistance at 1,889. Currently, gold has entered the buy zone, underpinned by 20 & 50 periods EMA around 1,869. The RSI is holding at 55.23 and the MACD at 1.512, supporting an upward trend in gold. The primary focus of investors will remain on the 1,869 pivot point level as above this bullish bias prevails. Later today, the U.S. Jobless Claims will remain in highlights to drive further price action in the market. All the best!

U.S. Fundamentals to Play!

The EUR/USD closed at 1.2172 after placing a high of 1.2246 and a low of 1.2160. After rising for four consecutive sessions, the EUR/USD pair dropped on Wednesday and reversed its course amid a come-back in the U.S. dollar. On Wednesday, the currency pair EUR/USD rose in early trading hours and peaked since January 2021. However, it failed to remain there for long and started declining in the second half of the day amid increased strength of the greenback driven by the latest minutes from the Fed.

On Wednesday, the FOMC released the minutes from April’s long-awaited meeting and revealed that many fed officials were suggesting that if the economy continued growing at a fast pace and reach goals set by the committee, the Fed might soon start tapering its asset purchases. This was the first time that a discussion about tapering bond purchases has been done in the meeting. Fed’s current bond purchases lie at $120 billion per month. It might come to an end or be reduced in the coming months if the economy keeps moving towards reaching the goals set by Federal Reserve, particularly about full employment and high inflation.

After the minutes, the U.S. Dollar Index (DXY) reached 90.29 level, that was t 89.69 level on Tuesday, and the U.S. Treasury yields also rose and reached 1.692%. The rising strength in the U.S. dollar added weight on the EUR/USD pair and reversed its course to a bearish trend.

At 14:00 GMT, the Final CPI for the year remained flat as expected, 1.6% on the data front. The Final Core CPI for the year from the whole Bloc dropped to 0.7% against the expected 0.8% and weighed on single currency Euro and added further losses in EUR/USD pair on Wednesday.

Meanwhile, on Tuesday, the European Union launched bonds that could complete the bulk of funding for its SURE unemployment scheme. The EU started the sale of new 8 and 25 year social bonds on Tuesday. The Bloc has plans to raise 13-15 billion Euros out of 19 billion Euros remaining for the SURE unemployment scheme during the second quarter. Eurozone bond markets were calm with Germany’s 10-year bond yield, the benchmark for the region.

EURUSD Intraday Technical Levels

Support Resistance

1.2138 1.2224

1.2106 1.2278

1.2052 1.2310

Pivot Point: 1.2192

EUR/USD - Technical Outlook 

The EUR/USD traded sharply bearish to trade at 1.2167 level but soon recovered. On the 4-hour timeframe, the EUR/USD pair is forming a bullish engulfing pattern that supports bullish bias among investors. The EUR/USD’s immediate support stays at the 1.2167 level, and the breakout of this exposes the pair towards the 1.2144 level. At the same time, the resistance stays at 1.2190 and 1.2235 levels. The RSI is heading north, and soon it’s likely to crossover 50 to support a bullish trend, but in case of failure to do so, the EUR/USD’s selling trend will dominate. Later today, investor’s focus will stay on the U.S. Jobless Claims data along with Philly Fed Manufacturing Index. All the best!

38.2% Fibonacci Correction!

The BTC/USD was closed at $36720.5 after placing a high of $43516.6 and a low of $30261.7. Bitcoin dropped for the 5th consecutive session on Wednesday and reached below the $31,000 level, its lowest since January 2021. The sudden decline in bitcoin prices came after China imposed fresh curbs on cryptocurrencies. Beijing banned banks and payment firms from providing services related to crypto-currency transactions and warned investors against speculative crypto trading on Tuesday.

The news came in after the bitcoin had already fallen about 10% during last week amid a series of negative tweets from Tesla CEO Elon Musk, who said that his company would no longer accept the cryptocurrency to its impact on the environment. To stop money laundering, China banned cryptocurrency and made its trading illegal in 2019. however, people were still able to trade in cryptocurrencies through exchanges and online that raised concerns in Beijing. On Tuesday, three state-backed organizations of China, including the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, issued a warning on social media against cryptocurrency trading. The warning entailed that consumers would have no protection if they were to incur any losses from crypto-currency investment transactions.

The organizations also added that the recent wild swings in the crypto-market violates the safety of people's assets and are disrupting the standard economic and financial order. Following this news, bitcoin posted the biggest daily percentage loss in more than a year as investors rushed to exit the trades to avoid maximum losses.

Bitcoin has been on a rash ride this year as a growing number of retail and institutional investors were hopeful that bitcoin and other cryptocurrencies would gain mainstream acceptance; however, as bitcoin a digital asset, a large price swing is common. This high volatility was the major reason behind issuing a strict warning against institutions from offering cryptocurrency registration, trading, clearing, and settlement.

Furthermore, the U.S. dollar was also strong on Wednesday as the U.S. Treasury yields on benchmark 10-year note rose to 1.692%, and the U.S. Dollar Index (DXY) also rose to 90.29 level gave strength to the greenback. The rising strength in the U.S. dollar came in after minutes from Federal Reserve's latest meeting revealed that Fed might start discussing taper talks in upcoming meetings. The greenback's strength added further weight on the digital asset bitcoin and dragged its prices on the downside.

BTC/USD Intraday Technical Levels

Support Resistance

33727.2 41358.8

30699.5 45962.7

26095.6 48990.4

Pivot Point: 38331.1

BTC/USD - Technical Outlook

The BTC/USD fell dramatically to place a low level of 28,212 on Wednesday; however, the pair has already completed 38.2% Fibonacci retracement. We can see a solid bullish correction in Bitcoin on the daily timeframe as it's now trading right below 40K level. Bitcoin's immediate resistance stays at 40,215 level that marks 38.2% Fibo levels, and above this next resistances stays at 43,999 and 47,740 levels. At the same time, support holds around 36,480 and 32,350 levels today. Bitcoin still remains below 20 and 50 periods EMA levels that place a bearish pressure on BTC/USD pair. Bearish bias seems stronger in 43,150 zones. All the best!

20 & 50 EMA Resistance!

The USD/JPY was closed at 108.88 after placing a high of 109.29 and a low of 108.83. USD/JPY pair continued its bearish streak for the 4th consecutive session and dropped on Tuesday amid the persistent weakness in the U.S. dollar and prevailing risk-off market sentiment. The currency pair USD/JPY extended its losses on Tuesday as the U.S. dollar remained depressed amid the expectations that the Fed will keep interest rates low for longer. The focus of the investors shifted to the release of the FOMC meeting minutes that are scheduled on Wednesday.

The U.S. Dollar Index that measures the value of the U.S. dollar against the basket of six major currencies, slipped to its lowest level since late February on Tuesday by 0.3% and reached below 90 levels to $89.69. Meanwhile, the U.S. treasury yields on the benchmark 10-year note also dropped on Tuesday to 1.628% and added further weight on the U.S. dollar that dragged the currency pair USD/JPY on the downside.

On the data front, at 04:50 GMT, Prelim GDP Price Index for the year from Japan reduced to -0.2% against the forecasted -0.1% and weighed on the Japanese Yen that further capped losses in USD/JPY pair. The Prelim GDP for the quarter from Japan also declined to -1.3% against the projected -1.1% and weighed on the Japanese Yen that limited the losses of the USD/JPY pair on Tuesday. At 09:30 GMT, the Tertiary Industry Activity surged to 1.1% against the predicted 0.8% and supported the Japanese Yen that added further losses in the USD/JPY pair. From the U.S. side,, at 01:00 GMT, TIC Long-term Purchases surged to 262.2B against the estimated 67.0B and supported the U.S. dollar that capped further losses in the USD/JPY pair. At 17:30 GMT, Building Permits remained flat as predicted 1.77M. The Housing Starts fell to 1.57M against the projected 1.71M and weighed on the U.S. dollar that added further losses in the USD/JPY pair.

The Dallas Federal Reserve President Robert Kaplan said on Monday that he did not expect interest rates to rise until next year. The Federal Reserve Vice Chair Richard Clarida said that the recent disappointing jobs report was evidence that the economy still needs help. After these comments from Fed officials, the prevailing hopes that Fed will hike interest rates faded away as the officials indicated that Fed will tolerate the temporary acceleration in inflation for some time and will remain lower for longer.

This also weighed on the U.S. dollar and dragged the USD/JPY pair on the lower side. Meanwhile, the rising risk-off market sentiment after eight days of continuous military attacks in Israel and Gaza also kept the USD/JPY pair under pressure. France in collaboration with Egypt and Jordan proposed a resolution with the United Nations Security Council and called for a ceasefire in Israel and Palestine conflict.

USD/JPY Intraday Technical Levels

Support Resistance

109.29 109.47

109.18 109.54

109.11 109.65

Pivot Point: 109.36

USD/JPY - Technical Outlook

The USD/JPY is trading at 109.025 level, bouncing off over the support area of 108.840. On the higher side, the resistance continues to stay at 109.094 level. The 20 & 50 periods EMA are extending resistance at 109.094; therefore, a bullish crossover of 109.094 level exposes the pair towards the next resistance level of 109.481 and 109.650. At the same time, the bearish breakout of 108.840 level leads the pair towards a support area of 108.650. The RSI and MACD are suggesting bullish bias today. Later today, the focus will remain on the FOMC Meeting Minutes from the U.S., and comments on the U.S. economy will determine the further trend in the USD/JPY pair. All the best!

FOMC Meeting Minutes Ahead!

Gold prices were closed at $1870.50 after placing a high of $1875.85 and a low of $1863.75. On Tuesday, gold remained flat after rising for four consecutive days after hitting a four-month high. Gold eased slightly, although yields on U.S. Treasuries inched lower, and the U.S. dollar remained weak. The fears of inflation also maintained the floor under bullion prices, and hence, gold remained flat throughout the day. On Tuesday, the U.S. Dollar Index fell to its lowest since 25th February and extended its losses to $89.69. Greenback dropped for the 3rd consecutive session and supported the bullion prices. The U.S. Treasury yields on a 10-year note also fell on Tuesday and reached 1.628%, making gold more appealing.

The flat movement of yellow metal on Tuesday could be attributed to the correction or profit-taking. Investors also remained concerned about potential interest rate hikes to curb rising inflation. Investors believed that a sign of rising inflation would urge the Federal Reserve to increase interest rates earlier than expected. However, the Atlanta Fed President Raphael Bostic said that he was comfortable with the central bank’s ultra-loose accommodative policy as inflation was spreading across the economy. Bostic even considered rising inflation as a positive sign and said that the recent rising prices were only temporary and likely faded later this year. Meanwhile, Fed President Robert Kaplan also said that inflation was not a problem and reiterated that he did not expect a hike in an interest rate until 2022. He predicted a growth of 6.5% in the gross domestic product in 2021.

On the data front, at 01:00 GMT, TIC Long-term Purchases rose to 262.2B against the expected 67.0B and supported the U.S. dollar, and added pressure on gold. At 17:30 GMT, Building Permits remained flat as expected 1.77M. The Housing Starts declined to 1.57M against the anticipated 1.71M and weighed on the U.S. dollar and supported gold.

Investors now await the minutes from Fed’s last meeting for further clues to the movement of the Fed’s monetary policy that will be released on Wednesday. Gold also remained flat ahead of the Fed’s meeting minutes as investors were waiting to find some clue before diving into the market.

Furthermore, given the rising tensions between Palestine and Israel, on Tuesday, France offered a resolution with the United Nations Security Council (UNSC) in cooperation with Egypt and Jordan. It called for a ceasefire in the Israel-Gaza conflict. However, U.S. blocked a UN Security Council statement calling for a ceasefire. These adverse developments kept safe-haven yellow metal flat on Tuesday.

Gold Intraday Technical Level

Support Resistance

1843.80 1849.70

1840.35 1852.15

1837.90 1855.60

Pivot Point: 1846.25

Gold - XAU/USD - Technical Outlook

Technical side of gold hasn’t changed much as it continue trading strongly bullish at 1,870, having violated the double top resistance level of 1,844 on the daily timeframe. On the 4-hour chart, the pair is gaining support at 1,862 level now along with a resistance at 1,877. Currently gold has entered the overbought zone and facing solid headwind. On the 4-hour timeframe, gold has also closed bullish engulfing candle above 1,864 level that demonstrates that buys are gaining power and sellers are losing control. Gold's immediate support stays at 1,863 and 1,844 areas along with resistance at 1,877 and 1,889. All the best!

Ethereum Completes 61.8% Fibonacci Retracement!

The ETH/USD was closed at $3376.30 after placing a high of $3512.56 and a low of $3282.72. After declining for three consecutive sessions, ETH/USD rose on Tuesday and placed minor gains after research suggested that Ethereum might be able to reduce its energy consumption by up to 99.95%. After Tesla halted Bitcoin acceptance due to its effects on the environment, crypto energy usage and carbon emissions have become a hot topic. In light of this, the researchers from Ethereum Foundation published an article that estimated that Ethereum might be able to reduce its energy expenditure by 99.95% after it transitions to Proof-of-State consensus.

Currently, Ethereum miners consume about 9.9 terawatt-hours annually. However, this figure is just an estimation, but the research suggested that ETH 2.0 will be 200 times more energy-efficient than its current Proof-of-Work setup. Another factor that added strength in the ETH/USD prices on Tuesday was the report from Invezz that covered the top 20 countries which showed an interest in Ether. According to research, the U.S. was ranked number one with 1,116,000 online searches for Ether per month. After U.S., Germany, and Turkey ranked second and third respectively. Other countries like Brazil, France, UK, and Canada came in fourth, fifth, sixth, and seventh.

An Ethereum based layer-two decentralized finance platform, DiversiFi has secured $5 million in strategic investments from one of the largest venture capital firms in the crypto sector. DiversiFi said that it wants to make Defi trading highly accessible. They have a view that will enable users to invest, trade, and send tokens without paying any gas fees. This news also supported ETH/USD.

On the other hand, the U.S. dollar was also weak across the board on Tuesday. The U.S. Dollar Index that measures the value of the greenback against the basket of six major currencies fell below the $90 level and weighed on the U.S. dollar that supported the rising prices of ETH/USD prices.

ETH/USD Intraday Technical Levels

Support Resistance

3698.37 4288.01

3363.87 4543.15

2774.23 5132.79

Pivot Point: 3928.52

ETH/USD - Technical Outlook

The ETH/USD pair has exhibited a dramatic sell-off from a high level of 4,350 to 2,873 level. The ETH/USD pair has completed 61.8% Fibonacci retracement on the four hourly timeframes, and now it’s gaining support at the 2,850 level. The ETH/USD pair’s immediate resistance stays at 3,456 and 3,818 levels on the higher side. Conversely, the violation of 2,850 opens up additional room for selling until 2,498. The 20 & 50 periods EMA are still in support of selling trend, while the MACD and RSI are also suggesting bearish trend. Considering all technical indicators in mind, bearish bias remains dominant in the ETH/USD pair. All the best!

Intraday Support Breakout!

The USD/JPY was closed at 109.19 after placing a high of 109.50 and a low of 109.07. USD/JPY dropped on Monday and extended its losses for the 3rd consecutive session amid the weakness in the U.S. dollar. On Monday, the U.S. Dollar Index that measures the value of the greenback against the basket of six major currencies increased its losses, sustained its bearish streak for 3rd consecutive session, and reached a $90.15 level. The U.S. Treasury yield on a 10-year note declined to 1.605% in the early session but managed to recover most of its daily losses and reached 1.652%. The declining U.S. dollar index and softer tone around U.S. Treasury yields added pressure on the greenback and dragged USD/JPY prices on the downside on Monday.

On the data front, at 04:50 GMT, the Producer Price Index from Japan rose to 3.6% against the forecasted 3.1% and supported the Japanese Yen that added further losses in the USD/JPY pair. At 11:00 GMT, the Prelim Machine Tool Orders for the year from Japan came in as 120.8% in comparison to the previous month’s 65.1%. From the U.S. side, at 17:30 GMT, Empire State Manufacturing Index surged to 24.3 against the anticipated 23.9 and supported the U.S. dollar, and capped further losses in the USD/JPY pair. At 19:00 GMT, the NAHB Housing Market Index remained flat as projected 83.

Another reason behind the declining prices of USD/JPY was the rising risk-off market sentiment amid the prevailing tensions between Palestine and Israel. According to a human rights group, Amnesty International, the bombing raids conducted by the Israeli government on Palestinian women, men, and children can account for war crimes and crimes against humanity. The fears that these tensions can escalate and convert into war raised the risk-off market sentiment and supported the safe-haven Japanese Yen that ultimately dragged the USD/JPY currency pair on the downside.

The risk-off market sentiment was underpinned by the rising cases of coronavirus in Asia. The World Health organization, Soumya Swaminathan, said that there were still many parts of the country that have not yet experienced the peak.

In addition, Japan, Singapore, and Taiwan have announced new restrictive measures as they try to combat recent coronavirus outbreaks amid the fears that the Indian variant of COVID-19 was spreading throughout Asia. This raised the risk-off market sentiment and supported the safe-haven Japanese Yen that added pressure on the USD/JPY pair.

USD/JPYIntraday Technical Levels

Support Resistance

109.29 109.47

109.18 109.54

109.11 109.65

Pivot Point: 109.36

USD/JPY - Technical Outlook

The USD/JPY is trading bearish at 108.965 level, having violated an intraday support level of 109.078. Overall, the USD/JPY pair has formed a symmetrical triangle pattern that’s keeping the pair in consolidation. However, the trading range is quite broad, having an upper boundary of 109.700 – 108.650. In between this range, the USD/JPY pair was gaining support at 109.078, which has now been violated. On the lower side, the USD/JPY’s next support holds at 108.693 and 108.373 levels. Bearish bias seems dominant today. All the best!

Safe Haven Appeal Triggers!

Gold prices were closed at $1869.55 after placing a high of $1869.75 and a low of $1844.00. Gold extended its gains for the 4th consecutive session and reached its highest since January 2021. The rising prices of yellow metal could be attributed to the weakness in the U.S. dollar and losses in the benchmark U.S. stock indexes. The U.S. Dollar Index that measures the greenback's value against the basket of six major currencies extended its losses and continued its bearish streak for 3rd consecutive session and reached a $90.15 level on Monday. The U.S. Treasury yield on the 10-year note dropped to 1.605% in the early session on Monday but managed to recover most of its daily losses and reached 1.652%.

Meanwhile, the benchmark stock indexes of the NYSE fell and posted losses on Monday that helped gold gathered its strength against the U.S. dollar. The NASDAQ fell by -0.60% and reached $13,196.57, S&P 500 dropped by -0.25% to $4142.69, and Dow Jones Industrial Average declined by -0.16% and reached $34,176.65.

On the data front, at 17:30 GMT, Empire State Manufacturing Index rose to 24.3 against the forecasted 23.9 and supported the U.S. dollar, and capped further gains in the yellow metal. At 19:00 GMT, the NAHB Housing Market Index remained flat as expected 83. On Monday, the Fed Chair Richard Clarida said that the U.S. economic growth could hit 7% this year as labor and other supply bottlenecks get resolved, and the recovery accelerates. He also added that it might take more time to re-open a $20 trillion economy than it did to shut it down.

Meanwhile, the Atlanta Federal Reserve President Raphael Bostic also said on Monday that he was comfortable with the ultra-loose policy of the central bank even as inflation was gaining steam in the economy.

Bostic repeated that there was still an 8 million jobs shortage compared to the pre-pandemic level. Until this gap is closed, Fed will likely keep policies in a very strongly accommodative stance. Bostic considers rising inflation as a positive sign and has often said that the most recent price increases were temporary factors that will disappear later this year.

Furthermore, another factor included in the rising prices of safe-haven metal was the prevailing war-like situation between Palestine and Israel. According to a human rights group, Amnesty International, Israel's shocking disregard for Palestinian civilians might be a war crime.

On Monday, the group of human rights stated that the Israeli government has engaged in a pattern of deadly attacks against residential homes in Gaza. According to Amnesty International, the Israeli government carried out bombing raids without giving the innocent men, women, and children inside any time to escape. This act by Israel may amount to a crime against humanity and a war crime. The escalating tensions between Israel and Palestine could trigger a war, and these fears raised an appeal for safe-haven metal that supported rising prices of gold prices on Monday.

Gold Intraday Technical Level

Support Resistance

1863.80 1874.70

1844.35 1889.15

1837.90 1900.60

Pivot Point: 1863.25

Gold - XAU/USD - Technical Outlook

Gold is trading strongly bullish at 1,870, having violated the double top resistance level of 1,844 on the daily timeframe. Closing of candles above 1,844 level supports a solid upward trend in gold. At the moment, gold has entered the overbought zone and facing solid resistance at 1,874 level. On the 4-hour timeframe, gold has also closed Doji candles below 1,874 level that demonstrates that buys are exhausted, and sellers are looming around the corner. Typically, such scenarios drive bearish correction in security, and gold can exhibit downward correction in case of failure to break 1,874. Gold's immediate support stays at 1,863 and 1,844 areas along with resistance at 1,874 and 1,889. All the best!

Symmetrical Triangle Pattern!

The DOGE/USD was closed at $0.487220 after placing a high of $0.513340 and a low of $0.475650. DOGE coin dropped on Monday and posted losses for the day mainly due to the latest comments from Elon Musk. The CEO of Tesla and SpaceX said that he might develop his crypto if Dogecoin, the crypto that launched as a joke, cannot do what he wants. Elon Musk has been blamed for many movements in the cryptocurrency market after his company decided to acquire $1.5 billion worth of bitcoin earlier this year.

Recently, the billionaire, who calls himself the doge father for supporting DOGE, has called out bitcoin to contribute to the growing use of fossil fuel and the consequences that affect the environment. In his latest tweet, Musk said that cryptocurrency was a good idea on many levels, and he believed that it has a promising future, but he strongly disagreed that this could not come at a great cost to the environment. After his tweet, bitcoin prices a steep decline and weighed on the whole cryptocurrency market due to its impact on the market. Dogecoin also followed the trend and declined on Monday.

Meanwhile, when Musk was asked if he would start his cryptocurrency to do all that he wants. He responded in favor of Dogecoin. He answered that only if Dogecoin cannot do it would he go for making his cryptocurrency. Tesla has repeatedly said that Musk wants a coin with significant low transaction fees and excellent energy efficiency.

With his favorable tweet for Dogecoin, Musk doubled down on his bet that Dogecoin can become a currency that addresses Tesla’s new set of environmental requirements. Musk said that he was working with Dogecoin developers to improve the currency and hoped that it could evolve to be more energy-efficient in the future.

On the other hand, the co-founder of Dogecoin, Billy Markus, said that he had made the Dogecoin in just two hours, and he did not think of its environmental impact. These comments from the co-founder of Dogecoin added weight to its value as Musk has decided not to take payments in Bitcoin due to its impact on the environment. If the same will happen with Dogecoin, then it could cause a decline in dogecoin value.

DOGE/USD Intraday Technical Levels

Support Resistance

0.477756 0.544416

0.441283 0.574603

0.411096 0.611076

Pivot Point: 0.507943

DOGE/USD - Technical Outlook

The DOGE/USD pair is trading sideways at 0.4922 level. On the 4 hour chart, the pair has formed a symmetrical triangle pattern that demonstrates indecision among traders. It looks like the investors are waiting for some solid news to trigger a breakout in Doge. Typically, the symmetrical triangle breakout on either side, depending upon the news release; therefore, the traders will be keeping a closer eye on the pair to capture any significant price action. The DOGE/USD has immediate support at 0.4660, and below this, the next support stays at 0.3735. Conversely, the resistance holds at 0.5273 and 0.5925. All the best!