Pivot Point Extend Resistance at 1,802

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

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

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

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

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

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

GOLD Intraday Technical Level

Support Resistance

1792.25 1811.35

1783.35 1821.55

1773.15 1830.45

Pivot Point: 1802.45

GOLD - Technical Outlook

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

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

Ethereum Enters Overbought Zone

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

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

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

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

ETH/USD Intraday Technical Levels

Support Resistance

4023.80 4417.33

3763.09 4550.15

3630.27 4810.86

Pivot Point: 4156.62

ETH/USD - Technical Outlook

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

Bitcoin Price Prediction

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

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

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

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

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

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

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

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

BTC/USD Intraday Technical Levels

Support Resistance

58008.4 62791.4

55418.7 64984.7

53225.4 67574.4

Pivot Point: 60201.7

BTC/USD - Technical Outlook

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

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

Pivot Point Extend Resistance at 1,794

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

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

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

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

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

GOLD Intraday Technical Level

Support Resistance

1781.00 1807.80

1768.60 1822.20

1754.20 1834.60

Pivot Point: 1795.40

GOLD - Technical Outlook

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

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

Choppy Session In Play

The EUR/USD is trading mildly flat, around 1.1600 amid weakening market sentiment, as China Evergrande worries and US-Sino tensions resurface. Despite mounting inflation fears, the US dollar remains strong. The focus is on the US Durable Goods statistics, corporate results, and the ECB decision.

The Euro has proved itself to be stabilized at the 1.16 level, and at this point, I believe this is a critical level. It operates as a "price magnet," so it is not surprising to see it in this approximate vicinity. The Euro has been falling for several months, but it has made a minor rally in the last couple of weeks.

The US dollar has been somewhat weak, but the Euro is likely to be the one currency where we see the greatest probability of a reversal. After all, the Euro has been a miserably weak currency. The dollar slipped lower in early European trade Wednesday, as markets remained calm ahead of next week's Federal Reserve meeting, while the United Kingdom's budget remains in place. The Federal Reserve has officially entered a blackout period ahead of next week's policy-setting meeting, and traders are now focusing on a succession of significant data releases. The September durable goods orders are released on Wednesday, but the 3Q GDP announcement on Thursday and the September core PCE deflator on Friday will garner the most interest.

In September, consumer confidence in Germany rose once more. Economic and income expectations are rising, as is the proclivity to buy. As a result, GfK predicts a 0.3-point increase in consumer mood in October, up 1.4 points from September of this year (revised from -1.1 points).

These are the findings of the September 2021 GfK Consumer Sentiment Survey. The current rise in income prospects, tendency to consume, and a decrease in the propensity to save contribute to a recovery in consumer sentiment in Germany.

EUR/USD Intraday Technical Levels

Support Resistance

1.1576 1.1652

1.1545 1.1697

1.1501 1.1727

Pivot Point: 1.1621

EUR/USD - Technical Outlook

The EUR/USD is trading with a strong bearish bias at 1.1604 level, having violated the upward trendline at 1.1631 level. The closing of candles below 1.1620 suggests a selling bias among investors. On the bearish side, the EUR/USD’s immediate support prevails at the 1.1590 level.

Furthermore, an additional breakout of 1.1590 support could expose the pair towards the 1.1576 level. Moreover, the breakout of 1.1576 exposes the pair towards 1.1546.

On the higher side, the EUR/USD’s immediate resistance stays at the 1.1620 level as that’s been extended by a pivot point resistance level. Above this, the EUR/USD will be exposed to the next resistance areas of 1.1650 and 1.1665 levels. The RSI and Stochastic are supporting a selling bias on Wednesday. Therefore, the bearish bias dominates below 1.1620 and vice versa. All the best!

Bitcoin Price Prediction

On Wednesday, the BTC/USD pair continued trading with a selling bias at 60,260 levels amid mixed fundamentals. CNBC has heard that Mastercard is set to announce that any of the hundreds of banks and millions of merchants on its payments network will soon be able to integrate cryptocurrency into their goods. This includes bitcoin wallets, credit and debit cards that generate cryptocurrency rewards and allow digital assets to be spent, and loyalty schemes in which airline or hotel points may be turned into bitcoin.

In the past, the popular prediction model has been astonishingly accurate in anticipating Bitcoin's bearish and bullish cycles against its rising scarcity. Bitcoin (BTC) reached a fresh high of $67,000 last week, raising the prospect of reaching $100,000 by the end of the year. PlanB, the popular Bitcoin Stock-to-Flow (S2F) model developer, referred to Bitcoin's price retreat from the $60,000 level as the "second leg" of what appeared to be a long-term bull market.

In doing so, the anonymous analyst cited S2F, which predicts Bitcoin will continue its upward trend and reach $100K to $135K by the end of the year. The price projection model asserts that Bitcoin's worth will continue to rise until it reaches at least $288K per token due to the "halving," an event that occurs every four years and decreases BTC's issuance rate by half against its 21 million supply cap.

Notably, Bitcoin has had three halvings so far: in 2012, 2016, and 2020. Each occurrence reduced the cryptocurrency's fresh supply rate by 50%, followed by significant gains in BTC price. For example, the first two halvings caused the price of Bitcoin to surge by almost 10,000 percent and 2,960 percent, respectively.

The third halving increased the price from $8,787 to as much as $66,999, a 667.50 percent increase. So far, S2F has been fairly correct in projecting Bitcoin's price trajectory, as demonstrated in the chart below, giving bulls increased faith that Bitcoin's post-halving bounce will see its price reach the $100,000 barrier.

BTC/USD Intraday Technical Levels

Support Resistance

60913.99 63975.77

59242.30 65365.14

57851.50 67036.70

Pivot Point: 62303.70

BTC/USD - Technical Outlook

Bitcoin's price fell below $60,000, although the decline was limited. BTC fell as low as $59,610 before resuming its upward trend. The price was able to break through the resistance levels of $61,000 and $61,200.

Above the $62,000 and $62,500 marks, there was a recovery wave. Bitcoin even surpassed the 50% Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. The price has risen above $62,000 and the 100 hourly simple moving average. It is currently seeing resistance near $63,000 and $63,200. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $63,200.

The key barrier for a breakout is currently building near the $64,000 mark. It is close to the 61.8 percent Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. A decisive break over the trend line resistance and afterward $64,000 may open the door to a move towards the $65,000 mark. The next significant resistance is located near the $66,500 level. All the best!

Pivot Point Breakout at 1,803

Gold ended the day at $1809.10, having reached a top of $1811.45 and a low of $1793.05. On inflation concerns, gold maintained its bullish momentum for the second straight day, remaining above the $1800 mark.

On Monday, investors began anticipating the next Federal Reserve meeting for its next monetary policy decision, as continued concerns about inflation made them wary of placing large wagers in the market. Though there was a belief that inflation would be transitory, the persistence of pressure has created concerns about the prospects.

During Friday's trading session, the price of gold fell from its September high after Federal Reserve Chairman Jerome Powell stated that strong inflation would likely abate next year. He also believes that the central bank should begin tapering asset purchases immediately to lower the amount of support provided to the economy but not yet raise interest rates.

Powell's remarks stoked concerns that inflation will likely stay longer and will not be transitory, as previously claimed by the Fed, which helped the safe-haven metal gain some traction, and gold ended up gaining on Monday, benefiting from its inflation-hedge status.

Investors are now looking forward to the next FOMC meeting scheduled for November 2-3. The markets are pricing more inflation, and investors believe that the current high level of inflation is not a fad. In such a case, gold benefits from its role as a store of value.

Meanwhile, the US Dollar Index was recovering on Monday after trading near 93.84. But the benchmark 10-year Treasury yield fell to 1.62 percent on Monday, boosting the surge in precious metals prices.

Furthermore, the United States and China have made some incremental progress in their economic and trade talks. Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen spoke for the second time in less than four months.

The call was regarded as realistic, frank, and constructive by Chinese media. Both sides agreed that China and the United States needed to improve communication and macroeconomic policy coordination at a critical juncture in the global recovery.

GOLD Intraday Technical Level

Support Resistance

1796.04 1814.54

1785.27 1822.27

1777.54 1833.04

Pivot Point: 1803.77

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,804 per ounce. Technically, gold is trading with a bullish bias above the pivot point support level of 1,808. The odds of a bullish trend continuation seem probable as the metal has closed with a bullish engulfing candle above the pivot point mark.

Moreover, the technical side of gold suggests a bullish bias as RSI is still holding above 50 on a 4-hour timeframe. Gold’s immediate support prevails at 1,796 and below this, the next support holds around 1,782 and 1,778.

On the bullish side, gold’s next resistance stays at 1,809, and a breakout of this exposes gold's price towards 1,827. Bullish bias dominates over 1,796 and vice versa. All the best!

Upward Channel Breakout

The EUR/USD pair ended the day at $1.1606 after reaching a high of $1.1666 and a low of $1.1590.EUR/USD fell on Monday and extended its losses due to the US dollar's resurgence, risk-off market sentiment, and mixed macroeconomic data from Europe. The US Dollar Index, which measures the greenback's value against the basket of six major currencies, rose and reached a 93.84 level that ultimately supported the US dollar and weighed on the currency pair EUR/USD. On the other hand, the single currency euro was weak on Monday as the German growth outlook for October dropped, which ultimately added to the declining prices of the EUR/USD currency pair.

On the data front, at 13:00 GMT, the German IFO Business Climate for October dropped to 97.7 from the forecasted 98.2 and weighed on the single currency euro. That added to a further decline in the EUR/USD pair. At 18:00 GMT, the Belgian NBB Business Climate increased to 4.0 from 2.3 expected, bolstering the single currency Euro and capitulating further losses in the EUR/USD pair. Furthermore, the investors were also cautious before the upcoming European Central Bank meeting scheduled on Thursday. Investors will keep a close eye on the comments coming from ECB officials as they could give hints about the next moves by the bank. Traders will look forward to the comments to find out whether inflationary pressures impact interest rates.

Moreover, the European currency was also weak across the board amid rising coronavirus infections in the region. The coronavirus infections recorded so far in eastern Europe surpassed 20 million on Sunday as the outbreak reached its worst level since the pandemic started. Because of the lowest vaccination rates in the countries belonging to that region in Europe, less than half of the population have received a single dose there.

The average daily infection rate has been recorded there as 83,700, which is the highest level since last November. These negative developments in Europe added weight to the single currency that ultimately dragged the currency pair EUR/USD further to the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1576 1.1652

1.1545 1.1697

1.1501 1.1727

Pivot Point: 1.1621

EUR/USD - Technical Outlook

The EUR/USD is trading with a strong bearish bias at 1.1604 level, having violated the upward trendline at 1.1631 level. The closing of candles below 1.1620 suggests a selling bias among investors. On the bearish side, the EUR/USD’s immediate support prevails at the 1.1590 level.

Furthermore, an additional breakout of 1.1590 support could expose the pair towards the 1.1576 level. Moreover, the breakout of 1.1576 exposes the pair towards 1.1546.

On the higher side, the EUR/USD’s immediate resistance stays at the 1.1620 level as that’s been extended by a pivot point resistance level. Above this, the EUR/USD will be exposed to the next resistance areas of 1.1650 and 1.1665 levels. The RSI and Stochastic are supporting a selling bias on Tuesday. All the best!

Bitcoin Price Prediction

Following a few big industry milestones, the top cryptocurrencies by market value are off to a positive start this week. Bitcoin reached an all-time high of $66,000 on Wednesday, following the market debut of the first bitcoin futures exchange-traded fund in the United States on Tuesday. According to Coin Metrics, it is presently worth roughly $62,728. On Thursday, Ether broke its record, surpassing $4,366. It is currently trading at roughly $4,179.

In addition, here are six additional significant developments in the crypto realm over the last week. On Tuesday, the ProShares futures-based bitcoin ETF debuted on the New York Stock Exchange under the ticker "BITO." ETF invests in the bitcoin futures in contracts that speculate on the digital asset's future price rather than the present or "spot price" of the cryptocurrency itself. As a result, the ETF and bitcoin prices will not coincide.

Nonetheless, CNBC claimed that the ProShares bitcoin futures ETF had one of the "largest opening days on record for ETFs," bringing in $550 million. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg, urging the social network giant to discontinue the Novi digital wallet project. Sens. Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), and others signed the letter after Facebook launched its Novi pilot program in the United States and Guatemala on Tuesday.

"Facebook cannot be entrusted to manage a payment system or digital currency when its prevailing strength to manage uncertainties and keep users protected has proven inadequate," the letter stated. "We implore you to halt your Novi pilot immediately and to commit to not bringing Diem to market." Diem, rebranded from Libra, is a dormant Facebook digital currency project. Instead of using Diem, Facebook has revealed intentions to use the Paxos Dollar, a stablecoin. Novi would permit users to grant and receive money in Paxos Dollars, with Coinbase serving as its custody partner.

BTC/USD Intraday Technical Levels

Support Resistance

60913.99 63975.77

59242.30 65365.14

57851.50 67036.70

Pivot Point: 62303.70

BTC/USD - Technical Outlook

Bitcoin's price fell below $60,000, although the decline was limited. BTC fell as low as $59,610 before resuming its upward trend. The price was able to break through the resistance levels of $61,000 and $61,200.

Above the $62,000 and $62,500 marks, there was a recovery wave. Bitcoin even surpassed the 50% Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. The price has risen above $62,000 and the 100 hourly simple moving average. It is currently seeing resistance near $63,000 and $63,200. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $63,200.

The key barrier for a breakout is currently building near the $64,000 mark. It is close to the 61.8 percent Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. A decisive break over the trend line resistance and afterward $64,000 may open the door to a move towards the $65,000 mark. The next significant resistance is located near the $66,500 level. All the best!

Pivot Point Breakout at 1,796

Gold prices ended the day at $1796.30, having reached a top of $1815.50 and a low of $1783.40. Due to a weak US dollar and dropping US Treasury yields, gold prices have surged to their highest level since September 7th.

The weakening US dollar, along with mounting inflationary pressures, appeared to enhance gold's safe-haven appeal, pushing its price to a 5-week high. Gold had another bullish week as the dollar continued to fall despite rising inflation predictions.

The US Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 93.54 on Friday, weighing on the greenback. The US Treasury Yields broke a six-day bullish trend on Friday, falling as low as 1.63 percent, dragging down the US dollar and eventually supporting rising gold prices.

On the data front, at 18:45 GMT, the Flash Manufacturing PMI for October fell to 59.2 from the predicted 60.5, weighing on the US dollar and adding to precious metals advances. The Flash Services PMI increased to 58.2 from 55.3, supporting the US dollar and limiting further advances in gold prices. The Federal Budget Balance for September remained steady at 22:58 GMT, with forecasts of -61.5B.

Furthermore, San Francisco Federal Reserve Bank President Mary Daly stated on Friday that monetary policy could do little to alleviate or offset climate risks, even though the central bank does not need to factor those risks into its economic predictions and longer-term prognosis.

While Fed Chair Jerome Powell suggested on Friday that the US central bank should begin decreasing its economic support by reducing asset purchases, interest rates should not be raised at this time.

He stated that there were still 5 million jobs available that were not available before the outbreak. He went on to say that rising inflation will likely fall next year as the effects of the pandemic diminish.

He was optimistic that the Fed's employment objective would be met next year and that supply limitations would eventually ease, allowing job growth to accelerate again. These comments from the Fed's chairman boosted bullion prices, sending them to a five-week high on Friday.

GOLD Intraday Technical Level

Support Resistance

1793.99 1796.04

1792.62 1796.72

1791.94 1798.09

Pivot Point: 1794.67

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,798 per ounce. Technically, gold is trading with a bullish bias above the pivot point support level of 1,796. The odds of a bullish trend continuation seem probable as the metal has closed with a bullish engulfing candle above the pivot point mark.

Moreover, the technical side of gold suggests a bullish bias as RSI is still holding above 50 on a 4-hour timeframe. Gold’s immediate support prevails at 1,796 and below this, the next support holds around 1,782 and 1,778.

On the bullish side, gold’s next resistance stays at 1,809, and a breakout of this exposes gold's price towards 1,827. Bullish bias dominates over 1,796 and vice versa. All the best!