Pivot Point Breakout at 1,782

After reaching a top of $1797.35 and a bottom of $1757.95, gold prices settled at $1792.75 per ounce. Fears of an economic hit from rising energy prices, along with a drop in the US dollar as investors anticipated US inflation data, sent gold prices to their highest mark since September 16th.

On Wednesday, the US dollar index, which calculates the greenback's strength versus a basket of six major currencies, plummeted to a low of 94.0, owing to concerns about inflation. The benchmark 10-year Treasury yield fell to 1.530 percent, putting additional pressure on the US dollar and driving up yellow metal prices.

The recent U.S. consumer price index data, which confirmed growing inflation in the world's largest economy, appears to have sparked a rally in the yellow metal. In addition, the Federal Reserve's minutes confirmed that tapering would begin soon.

On the data front, the Consumer Price Index for September rose to 0.4 percent at 17:30 GMT, beating expectations of 0.3 percent, bolstering the US dollar, which capped additional advances in the yellow metal. The core CPI stayed unchanged at 0.2 percent, as expected.

According to the Federal Reserve's September policy meeting minutes, the central bank could begin tapering its crisis-era economic stimulus in mid-November or mid-December. They were, however, split on how much of a threat high inflation poses and how quickly interest rates should be raised in response.

According to inflation statistics issued on Wednesday, higher prices were not transient, and predictions of interest rate hikes sooner than expected surged amid these anxieties, keeping the yellow metal supported on Wednesday.

Participants at the FOMC meeting thought inflation risks could last longer than projected, particularly if labor and other supply constraints proved to be more persistent than predicted. Many participants agreed that the committee's price-stability target had been fulfilled and that tapering should begin immediately.

Participants voiced concern that monetary policy's intense level of accommodation, especially asset purchases, could exacerbate financial stability vulnerabilities. Other members stated that the substantial further development goal had yet to be realized and that this mixed feeling raised the level of uncertainty surrounding tapering and interest rate hikes, supporting the safe-haven yellow metal.

GOLD Intraday Technical Level

Support Resistance

1768.01 1807.41

1743.28 1822.08

1728.61 1846.81

Pivot Point: 1782.68

GOLD - Technical Outlook

Gold is now priced at $1,788 per ounce, but the market is approaching overbought territory. Gold's RSI was well above 80 on a 4-hour timeframe, indicating that it was overbought. However, it has begun to move out of the zone, undoubtedly resulting in a downward retracement in gold.

The 1,782 level, on the other hand, is gold's immediate support. If the 1,782 level is broken, a sell-off might ensue till the 1,774 and 1,768 levels are reached. On the upside, gold's following resistance levels remain at 1,798 and 1,806, respectively.

We might anticipate a bearish correction in bullion on Thursday, particularly below the 1,796 mark. Gold bullish bais dominates over 1,782 and vice versa. All the best!

Pivot Point to Provide Support at 1.1580

On Thursday, the EUR/USD currency pair is trading with a bullish trend at 1.1588 level. However, it’s heading towards next support level of 1.1580that we can see on the chart below. In September 2021, as measured by the year-over-year rise in the consumer price index (CPI), Germany's inflation rate was +4.1 percent. It had been a little under 4% in July and August of 2021. The last time inflation was estimated at a higher rate was in December 1993 (+4.3%). Consumer prices, according to the Federal Statistical Office (Destatis), remained constant from August 2021.

According to Eurostat, the European Union's statistical office, seasonally adjusted industrial production declined by 1.6 percent in the euro area and 1.5 percent across the EU in August 2021, compared to July 2021. Industrial production increased by 1.4 percent in the euro region and 1.2 percent across the EU in July 2021. Industrial production climbed by 5.1 percent in the euro region and 5.3 percent in the EU in August 2021 compared to August 2020.

Capital goods production declined by 3.9 percent in August 2021 compared to July 2021, durable consumer goods production fell by 3.4 percent, and intermediate goods production fell by 1.5 percent in the euro area.

Weakness in U.S. Dollar Support the EUR/USD

On Wednesday, the US dollar index, which calculates the greenback's strength versus a basket of six major currencies, plummeted to a low of 94.0, owing to concerns about inflation. The benchmark 10-year Treasury yield fell to 1.530 percent, putting additional pressure on the US dollar and driving up yellow metal prices.

On the data front, the Consumer Price Index for September rose to 0.4 percent at 17:30 GMT, beating expectations of 0.3 percent, bolstering the US dollar, which capped additional advances in the yellow metal. The core CPI stayed unchanged at 0.2 percent, as expected.

According to the Federal Reserve's September policy meeting minutes, the central bank could begin tapering its crisis-era economic stimulus in mid-November or mid-December. They were, however, split on how much of a threat high inflation poses and how quickly interest rates should be raised in response.

According to inflation statistics issued on Wednesday, higher prices were not transient, and predictions of interest rate hikes sooner than expected surged amid these anxieties, keeping the yellow metal supported on Wednesday.

EUR/USD Intraday Technical Levels

Support Resistance

1.1538 1.1623

1.1512 1.1668

1.1470 1.1690

Pivot Point: 1.1580

EUR/USD - Technical Outlook

On Thursday, the EUR/USD currency pair was trading at the 1.1592 level and it was gaining immediate support at the 1.1580 level. On the hourly chart, the EUR/USD has violated the upward channel and symmetrical triangle pattern therefore, the pair is on the verge of a bullish trend.

At the moment, the EUR/USD closing Doji and Shoorting start candles on the hourly timeframe that’s supporting indecision among investors. Therefore, the chances of a selling trend or a bearish correction remain strong on Thursday.

The breakout above the 1.1603 resistance level exposes the EUR/USD towards the 1.1625 level, and the continuation of the further upward trendline exposes the pair towards the 1.1649 level. On the downside, the breakout of the 1.1580 support level exposes the EUR/USD towards the next support areas of 1.1512 and 1.1496.

The RSI and MACD are in support of a bullish trend in EUR/USD. Therefore, the bullish bias dominates above the 1.1580 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD coin pair maintained its previous upward rally and drew further heavy bids around the $58,500 level. Bitcoin remained strong above the $58,000 level against the US dollar. BTC started a fresh increase, and it could rally above $59,500. Bitcoin price initially found support near $54,000 and then broke through the key $58,000 resistance zone to re-enter the positive zone.

The BTC/USD is trading at $58,033.0, having gained over 3.12% in 24-hours. Furthermore, that the BTC's current market ranking is 1, with a live market cap of USD 1,065,578,155,437. It has a circulating supply of 18,840,512 BTC coins and a max. supply of 21,000,000 BTC coins.

However, the reason behind Bitcoin's upward rally could be attributed to the latest reports suggesting that Arcane Research says that activity on the CME indicates that institutional traders "have returned to Bitcoin."

Data shows the latest rise in Bitcoin's price was sponsored by a significant uptick in the trading volume. This could suggest that the current uptrend may be sustainable. As per Arcane Research's latest report, the Bitcoin trading volume is rising fast this month after a relatively slow last few days of September. As a result, positive news tends to have a positive impact on Bitcoin prices.

Apart from this, China's Bitcoin (BTC) crackdown prompted the profitable business out of the country and helped establish the US as the top country for mining operations, according to the latest data from the Cambridge Centre for Alternative Finance. This was seen as one of the key factors that had some additional positive impact on BTC prices. On the other hand, the Cambridge Bitcoin Electricity Consumption Index (CBECI), which gives a real-time estimate of the total electricity consumption of the Bitcoin network, stated that the mining activity in China has sunk to zero.

Elsewhere, the selling bias surrounding the dollar was seen as another key factor that pushed the BTC/USD pair higher. The broad-based US dollar touched its lowest level this week against major peers on the day, taking a break from a rally that had lifted it to a one-year high backed by expectations for quicker Federal Reserve interest rate hikes. Even after minutes of the Federal Open Market Committee's September meeting, the US dollar pulled back, affirmed that tapering of stimulus is all but certain to start this year, and showed a growing number of policymakers worried that high inflation could persist.

BTC/USD Intraday Technical Levels

Support Resistance

55145 58688

52916 60000

51602 62231

Pivot Point: 56459.7

BTC/USD - Technical Outlook

Bitcoin exceeded the key drop's 76.4% Fib retracement level from the $57,835 swing high to the $54,020 low. It opened the doors for a fresh high above the $59,000 level. The price is now accelerating higher above the $58,000 level.

Initial resistance is near the $58,750 level that marks the 1.236 Fib extension level of the vital drop from the $57,835 swing high to $54,020 low. Furthermore, the first key resistance is near the $59,000. A clear break above the $59,000 resistance exposes the coin further higher.

On the other hand, Bitcoin could start a downside correction if it fails to clear the $59,000 resistance zone. Immediate support on the downside is near the $58,000 level. The 1st-major support is now forming near the $57,800 level. A downside break below the $57,800 level could set the pace for a downside correction. The next significant support is now near the $56,500 level and the 100 hourly SMA. All the best!

Pivot Point Breakout at 1,760

The precious metal gold is trading sideways in a limited trading range of 1,761 - 1755 on Wednesday. Gold closed at $1760.55 on Tuesday after hitting a top of $1769.90 and a low of $1750.55. As mounting inflation fears decreased risk appetite, the XAU/USD prices gained some support and climbed on Tuesday. Furthermore, increased demand for safe-haven gold provided some assistance. The strength of the U.S. dollar, however, curtailed the gains for the day.

On Tuesday, the return on the benchmark 10-year bond in the U.S. dropped to 1.56 percent. As a result, the yellow metal gained for the day. While the U.S. Dollar Index, which measures the dollar's value against a basket of six major currencies, gained 94.56, the yellow metal's gains were limited.

Gold prices are supported by risk-off sentiment above $1,760.

The market's risk appetite waned after the economy was challenged by a worldwide energy shortage and rising inflation fears. As a result, more investors have turned to safer investments like gold.

Gold is typically thought of as an inflation hedge, but the expectation of less central bank stimulus and rising interest rates tends to push government bond yields higher. As a result, owning gold that yields no interest has increased opportunity costs.

Government bond yields tend to rise in anticipation of reduced central bank stimulus and interest rate hikes, resulting in higher opportunity costs for holding gold, which pays no interest.

On the data front, the NFIB Small Business Index for September stayed unchanged at 15:00 GMT, against estimates of 99.7. The JOLTS Job Openings dipped to 10.44 million in August, down from 10.95 million projected, dragging on the U.S. dollar and pushing gold higher at 19:00 GMT.

Raphael Bostic, President of the Atlanta Federal Reserve Bank, Delivers a Speech

Raphael Bostic, President of the Atlanta Federal Reserve Bank, stated on Tuesday that U.S. inflation was beyond the Federal Reserve's target of 2%. Policymakers must be cautious to avoid causing long-term forecasts to become unanchored as a result of pandemic-induced pressures.

He believed that pandemic-related pricing patterns would eventually reverse. He was concerned, though, that some supply chain disruptions would linger longer than projected. According to him, the Fed's staff may stop referring to inflationary pressures as temporary because they are likely to persist beyond the Federal Reserve's 2 percent target.

As per Fed Vice Chair Richard Clarida, the price stability mandate's considerable further progress threshold has been more than met. The employer mandate, on the other hand, has not yet been completed. He believes the Fed should start slowing down its bond purchases shortly. Clarida also mentioned that the Fed's tapering programme could be completed by the end of 2022.

GOLD Intraday Technical Level

Support Resistance

1750.76 1770.11

1740.98 1779.68

1731.41 1789.46

Pivot Point: 1760.33

GOLD - Technical Outlook

On Wednesday trading sessions, gold was trading with a slight bullish bias at the 1760 level. It has already violated an intraday pivot point level of 1760, indicating bullish sentiment in the market.

On the upside, gold is anticipated to encounter immediate resistance around 1765, while a break above 1765 might push gold prices to the following resistance levels of 1770. Gold is now holding at 1760 and it may find immediate support at 1759, which is being extended by a triple top pattern. This triple top pattern was violated during the Asian session, and now it’s working as a support for the gold.

Below this pivot point, the 50-day SMA (simple moving average) provides immediate support at 1755. Gold's bullish bias remains strong above 1,760 and vice versa.

All the best!

Pivot Point to Provide Support at 1.1540

On Wednesday, the EUR/USD currency pair is trading with a bullish trend at 1.1552 level. It’s heading towards next resistance level of 1.1557 that we can see on the chart below. During Tuesday's trading session, the EUR/USD pair oscillated back and forth around the 1.1550 level. This area has been increasingly crucial over the last few days, as it appears that we are battling to get above the floor, but the 1.15 level seems to be providing some support.

Breaking down below that level will open the door to considerably lower pricing, possibly as low as 1.1250 in the long run. That stated, this is most likely about the US dollar rather than the Euro, though there are some developments in the European Union worth noting.

Weakness in U.S. Dollar Support the EUR/USD

Raphael Bostic, President of the Atlanta Federal Reserve Bank, stated on Tuesday that U.S. inflation was beyond the Federal Reserve's target of 2%. Policymakers must be cautious to avoid causing long-term forecasts to become unanchored as a result of pandemic-induced pressures.

He believed that pandemic-related pricing patterns would eventually reverse. He was concerned, though, that some supply chain disruptions would linger longer than projected. According to him, the Fed's staff may stop referring to inflationary pressures as temporary because they are likely to persist beyond the Federal Reserve's 2 percent target.

As per Fed Vice Chair Richard Clarida, the price stability mandate's considerable further progress threshold has been more than met. The employer mandate, on the other hand, has not yet been completed. He believes the Fed should start slowing down its bond purchases shortly. Clarida also mentioned that the Fed's tapering programme could be completed by the end of 2022.

EUR/USD Intraday Technical Levels

Support Resistance

1.1536 1.1575

1.1523 1.1601

1.1496 1.1615

Pivot Point: 1.1540

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD currency pair was trading at the 1.1550 level and it was gaining immediate support at the 1.1540 level. On the hourly chart, the EUR/USD has violated the upward channel and symmetrical triangle pattern. Both of these patterns supported the EUR/USD pair at the 1.1555 level, and now this level is working as a solid resistance.

The closing of a Doji candle below the 1.1550 level is weakening the EUR/USD’s bullish bias. Typically, in such scenarios, bulls start profit-taking to avoid losing gains in the wake of a bearish correction.

The breakout above the 1.1555 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1540 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496.

The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1540 level today. All the best!

Bitcoin Price Prediction

The price of bitcoin has climbed by 35% in the last two weeks as investors gain confidence in the Securities and Exchange Commission's intentions for the many bitcoin ETF applications currently under consideration. However, market expectations for a Bitcoin ETF to be postponed until 2022 are driving the BTC/USD lower.

Bitcoin, the most popular cryptocurrency, plummeted to a new low of 53,909 on Tuesday. Fundamentals are driving the negative attitude, and this time it's Todd Rosenbluth of CFRA Research.

Crypto-asset traders may have to wait longer for a Bitcoin futures exchange-traded vehicle, as per Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA.

While a Bitcoin futures product is anticipated to be the first crypto ETF to receive regulatory approval, Rosenbluth cautioned on CNBC's "ETF Edge" on October 12 that the current confused regulatory situation could cause more delays.

Well over 20 crypto asset-based exchange-traded vehicles have been denied approval by the Securities and Exchange Commission. Instead than kicking the can down the road on numerous occasions, the products that have been submitted.

The launch of a Bitcoin ETF is likely to be postponed until 2022.

To prevent a "first-mover advantage," the experts hypothesised that authorities may be waiting for all of these items to meet their objectives before authorising them all at the same time in order to avoid a "first-mover advantage."

"It's feasible — in fact, we believe it's likely — that a Bitcoin futures ETF will be delayed until 2022, until the regulatory landscape is clearer."

Jan van Eck, CEO of Van Eck Associates, has a position on exchange-traded funds (ETFs).

The SEC is most worried about price differences among BTC and futures, the potential for funds to blossom too large, and testing the limits on how many contracts they can possess, as per Van Eck Associates CEO Jan van Eck. The SEC is also concerned about the risk of cross-border investment, as per Van Eck Associates CEO Jan van Eck.

BTC/USD Intraday Technical Levels

Support Resistance

53598.1 57333.6

51870.3 59319.3

49874.7 61048.1

Pivot Point: 55594.7

BTC/USD - Technical Outlook

At the 56355 level, the prominent cryptocurrency BTC/USD is trading with a bullish trend. The pivot point mark of 55,868 was recently crossed above. Bitcoin has the ability to reach 57,827 on the upside.

Bitcoin has risen above 50 exponential moving averages on the two-hourly timescales, sustaining the BTC/USD at 55,868. A bearish breakdown below the 55,868 level might lead to selling all the way down to the 54,035 support level. Because the RSI supports an upward trend, the prospects of a bullish trend over the 55,868 mark remain high.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles below 57,233 demonstrates weakness in a bullish trend. Thus, the BTC/USD's bearish bias dominates below 55,600 resistance and vice versa. All the best!

Pivot Point Breakout at 1,755

Gold prices concluded at $1753.25 per ounce after reaching a high of $1758.65 and a low of $1751.20. Gold extended its loss on Monday and fell for the day, but it only fluctuated by $7 in a single day. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, was strong on Thursday, moving towards the 94.40 level, which provided more support to the U.S. dollar while keeping the yellow metal under pressure. The 10-year Treasury yield reached its highest level since May at 1.62 percent, bolstering the greenback's strength and contributing to the yellow metal's downward trend.

The U.S. market was closed on Monday due to a bank holiday around Columbus Day, resulting in low trading volume and, as a result, gold remained sluggish. There was no macroeconomic data release from the United States on Monday, so market players followed the prior trend.

Despite the dismal U.S. job growth data, the Federal Reserve's estimates of unwinding stimulus measures this year were unaffected on Friday. Some observers argued that the labor shortage was driving up wage pressures, which might increase inflation even further, and that the Fed would eventually have to reduce support measures.

Bullion is viewed as a hedge against inflation and currency depreciation caused by massive stimulation. However, as the Fed reduces its stimulus, the appeal of gold will wane. Despite a slowing in job gains last month, the market was still going to the downside as the Fed's chances of lowering economic assistance remained high.

According to Friday's Non-Farm Payroll statistics, 194,000 jobs were added in September, falling short of economists' projection of 500,000. Meanwhile, the unemployment rate has fallen to an 18-month low of 4.8 percent, and wage growth has accelerated.

This pushed the dollar to its highest level in roughly three years versus the safe-haven currency, the yen, while the benchmark 10-year Treasury yield also reached its highest level since late May, raising the opportunity cost of storing metal, which pays no interest.

GOLD Intraday Technical Level

Support Resistance

1748.50 1759.55

1743.75 1765.85

1737.45 1770.60

Pivot Point: 1754.80

GOLD - Technical Outlook

During the Asian trading session on Tuesday, gold was trading with a slight bullish bias at the 1760 level.It has already violated an intraday pivot point level of 1755, indicating bullish sentiment in the market.

On the upside, gold is anticipated to encounter immediate resistance around 1765, while a break above 1765 might push gold prices to the following resistance levels of 1770. Gold is now holding at 1760 and it may find immediate support at 1759, which is being extended by a triple top pattern. This triple top pattern was violated during the Asian session, and now it’s working as a support for the gold.

Below this pivot point, the 50-day SMA (simple moving average) provides immediate support at 1755. Gold's bullish bias remains strong above 1,759 and vice versa.

All the best!

Pivot Point Resistance at $1.1562

The EUR/USD pair ended the day at $1.1551 after reaching a high of $1.1588 and a low of $1.1549.The EUR/USD pair declined and extended its loss for the second consecutive session on Monday amid the stronger U.S. dollar in the market.

The greenback was high against its rival currencies at 94.40 amid expectations of tapering stimulus measures by the Federal Reserve despite dismal jobs data on Friday. Furthermore, the 10-year Treasury note yield rose to its highest level since late May, reaching 1.62%, providing additional support to the U.S. dollar, dragging the EUR/USD pair lower.

The currency pair EUR/USD was also lower on the board as the risk-off mood surrounded the whole market and weighed on riskier assets. The China-linked fears joined Brexit headlines, and mixed concerns about Fed tapering after a slowdown in jobs growth added pressure on risk appetite.

The market sentiment was challenged by the fresh Sino-American tussle over phase-one deal commitments. The challenges that Hong Kong and Taiwan have faced from China have also reduced risk appetite and weighed on a riskier asset like the EUR/USD.

Furthermore, the market participants were perplexed by the disappointing U.S. Nonfarm Payroll and the favorable unemployment rate and average earnings. Some believe that dismal payroll data will have a negative impact on the U.S. dollar as the Fed might not go for tapering. Whereas some believe that the Fed will go through tapering this year despite dismal jobs data, This confusion also kept risk appetite lower in the market, and hence, EUR/USD remained on the back foot.

There was no macroeconomic data release from the U.S. amid bank holidays due to Columbus Day on the data front. However, from the European side, at 13:00 GMT, the Italian industrial production from August dropped to-0.2% against the forecasted-0.4% and supported the single currency Euro and capped further loss in the EUR/USD pair.

Meanwhile, the Euro, the single currency, was already under pressure due to the prevailing energy crisis on the continent. Additionally, ECB President Christine Lagarde said on Friday that rising energy prices and supply disruptions could hold back growth. There was a need to manage the exit from the pandemic carefully. These concerning comments from the central bank president added further pressure on the single currency and dragged the EUR/USD pair further to the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1536 1.1575

1.1523 1.1601

1.1496 1.1615

Pivot Point: 1.1562

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD currency pair is trading at 1.1566 level and it’s gaining immediate support at 1.1549 level. On the hourly chart, the upward channel supports the EUR/USD at the 1.1549 level. A closing of a bullish engulfing candle is supporting buying trend in the EUR/USD pair. However, the intraday pivot point is likely to be working as a hurdle at 1.1562 level.

The breakout above the 1.1562 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1549 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496.

The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1562 level today. All the best!

Bitcoin Price Prediction

The BTC/USD was last seen at $57,468.0, with a high of $57.802.5 and a low of $54,430.0.On Monday, BTC/USD was high as it moved to its highest level since early May, reaching near the $58,000 level. On Monday, a Bitcoin and crypto marketplace and custodian, Bakkt, declared a partnership with Google to spread the scope and usability of digital assets to meet swiftly evolving customer demand.

Given this partnership, Bakkt users will now be able to add their virtual Visa Debit cards to Google Pay to purchase goods and services in-store and online, wherever GooglePay is accepted. Bitcoin payments will be converted into fiat to make the purchases.

A professional soccer player, Alex Grognale, became the first player in the United Soccer League to get paid in bitcoin. He took a total of 15% of his salary in bitcoin last month, and the exchange was made through bitcoin payroll service Bitwage. Grognale said that he has been buying bitcoin since 2020 through various exchanges, but the experience of using the Bitwage platform was easier and the transactions cost-free. He said that his percentage of the salary was directly deposited into his wallet.

Meanwhile, 2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies and blockchain technologies, announced the launch of an initiative that could make Bitcoin one of the country's reserve assets. The association announced plans on Friday to start a popular federal initiative by collecting 100,00 signatures for the introduction of bitcoin to article 99 clauses 3 of the Swiss federal constitution.

Furthermore, Alexander Hoptner, BitMEX CEO, recently predicted that countries in the developing world would soon follow El Salvador's footsteps and make Bitcoin legal tender. He expressed support for the latest move by El Salvador to adopt Bitcoin as legal tender in September and predicted that more developing countries would also follow the move.

He foretold that by the end of the next year, at least five countries would have to accept bitcoin as legal tender and all of them will be developing countries. He provided three main reasons for developing countries adopting bitcoin as legal tender: the expanding need for more affordable and faster international remittances, heavy inflation, and political issues. All of the events mentioned above were helpful to Bitcoin in moving upside on Monday as they all were favorable to the ecosystem of Bitcoin.

BTC/USD Intraday Technical Levels

Support Resistance

55331.1 58703.6

53194.3 59939.3

51958.7 62076.1

Pivot Point: 56566.8

BTC/USD - Technical Outlook

The technical side of the BTC/USD is mostly unchanged as the market seems to wait for a bearish correction before placing further bullish bets in Bitcoin. The leading cryptocurrency, Bitcoin, continues trading with a bullish bias at the 56,458 level, facing immediate resistance at the 56,956 level. In the case of a bullish breakout of the 56,956 resistance level, the Bitcoin price will be exposed towards the next resistance level of 57,885. Moreover, the breakout of the 56,027 support level exposes the cryptocurrency pair towards the next support level of the 55,430 level.

As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles is driving bearish bias for Bitcoin. The BTC/USD's bullish bias dominates above 56,450 support and vice versa. All the best!

Upward Trendline Support

Gold prices concluded at $1757.40, with a high of $1782.40 and a low of $1753.60. Gold reached its 12-day high on Friday, despite the poor jobs report from the U.S. Labor Department, but it fell back due to rising U.S. Treasury yields.

Gold has moved approximately $40 this week, appearing to be moving towards the $1800 level at one time before reverting to the mid-$1700 levels. The U.S. Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 93.94 on Friday, weighing on the U.S. dollar.

The 10-year Treasury yield in the United States has achieved its highest level since May 30, at 1.61 percent.

The poor September jobs report propelled gold higher in the market, but a jump in yield capped any gains and brought yellow metal lower. Gold prices rose due to the abysmal growth in non-farm payrolls in September, which totaled 194K below the projection of 500K and fell short of the previous month's 235K.

The lackluster September job growth signaled that the Federal Reserve might not proceed with unwinding its pandemic-era monthly boost of $120 billion in bond purchases. However, the NFP data was released, but the unemployment rate fell in the same month and strengthened the U.S. dollar, limiting the day's gains in gold prices.

At 00:00 GMT, the Consumer Credit from August fell to 14.4 billion, vs. the anticipated 17.4 billion, weighing on the U.S. dollar and supporting gold prices. At 17:30 GMT, the September Average Hourly Earnings increased to 0.6 percent, versus the projected 0.4 percent, helping the U.S. dollar and limiting further increases in gold. The Non-Farm Employment Change fell to 194K from 490K expected, weighing on the U.S. dollar and pushing gold higher. The unemployment rate also fell in September to 4.8 percent, below the anticipated 5.1 percent, bolstering the U.S. currency and limiting the rise in gold prices. Final Wholesale Inventories were 1.2 percent more than expected at 19:00 GMT.

Furthermore, the U.S. dollar was lower on board due to the standoff over lifting the debt ceiling. According to U.S. Treasury Secretary Janet Yellen, the failure to raise the debt ceiling would be a catastrophe. On Thursday, the Senate reached a deal to hike the debt ceiling by $480 billion to pay the nation's bill through December 3.

GOLD Intraday Technical Level

Support Resistance

1746.28 1774.19

1735.89 1791.71

1718.37 1802.10

Pivot Point: 1764.68

GOLD - Technical Outlook

Gold is trading with a slight bearish bias at the 1755 level and below an intraday pivot point of 1763, indicating a bearish bias for the precious metal gold.

On the upside, gold is anticipated to encounter immediate resistance around 1763, while a break above 1763 might push gold prices to the following resistance levels of 1773 and 1779. While gold is now bearish, it may find immediate support at 1753, which is being extended by an upwrd trendline on the 4-hour timeframe.

Below this pivot point, the 50-day SMA (simple moving average) at 1751 provides immediate support. Gold's bullish bias remains strong above 1,749 and bearish below the same level as the market is pricing in stronger than expected U.S. unemployment rate and wages data.

All the best!