Weaker CPI Triggers Bullish Trend in Gold

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

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

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

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

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

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

GOLD Intraday Technical Level

Support Resistance

1789.11 1816.41

1772.58 1827.18

1761.81 1843.71

Pivot Point: 1799.88

GOLD - Technical Outlook

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

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

Sterling Supported Over 1.3800 Level

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

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

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

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

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

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

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

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

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

GBP/USD Intraday Technical Levels

Support Resistance

1.3768 1.3880

1.3729 1.3953

1.3657 1.3991

Pivot Point: 1.3841

GBP/USD - Technical Outlook

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

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

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

All the best

Triple Top Pattern to Extend Resistance at 47,616

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

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

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

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

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

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

BTC/USD Intraday Technical Levels

Support Resistance

45457.6 47966.6

43837.3 48855.3

42948.6 50475.6

Pivot Point: 46346.3

BTC/USD - Technical Outlook

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

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

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

Pivot Point Level to Support Gold at $1,793

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

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

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

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

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

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

GOLD Intraday Technical Level

Support Resistance

1786.41 1801.36

1778.28 1808.18

1771.46 1816.31

Pivot Point: 1793.23

GOLD - Technical Outlook

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

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

Pivot Point Resistance at 1.1823

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

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

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

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

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

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

EUR/USD Intraday Technical Levels

Support Resistance

1.1778 1.1827

1.17491.1847

1.1729 1.1875

Pivot Point: 1.1798

EUR/USD - Technical Outlook

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

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

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

Bitcoin Breaks Above 45,150 Pivot Point

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

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

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

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

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

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

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

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

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

BTC/USD Intraday Technical Levels

Support Resistance

43375.0 46684.0

41790.0 48408.0

40066.0 49993.0

Pivot Point: 45099.0

BTC/USD - Technical Outlook

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

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

Pivot Point Level to Support Gold at $1,792

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

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

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

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

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

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

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

GOLD Intraday Technical Level

Support Resistance

1788.06 1789.86

1787.38 1790.98

1786.26 1791.66

Pivot Point: 1789.18

GOLD - Technical Outlook

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

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

Pivot Point Resistance at 1.1823

The EUR/USD pair ended the day at $1.1814, with a high of $1.1852 and a low of $1.1809. On Friday, the EUR/USD currency pair fell once again as the US dollar gained momentum. Thus, the Euro currency came under pressure throughout the day. After the announcement of positive macroeconomic data on Friday, the US Dollar Index was at an all-time high.

On Friday, the DXY rose to 92.65, recouping prior losses and bolstering the dollar's position against competitor currencies such as the Euro. The 10-year Treasury yield was also climbing with expectations that higher inflation will stay for a longer time, reaching 1.35 percent, adding to the dollar's strength and weighing on the EUR/USD pair.

Meanwhile, at the Eurogroup meeting on Friday, European Commissioner Paolo Gentiloni stated that there were still clouds on the horizon despite a better-than-expected second quarter and that countries must stay attentive about the coronavirus epidemic potential supply constraints.

The commissioner also addressed the threat of rising inflation across the European Union, stating that such increases are only projected to be temporary. He went on to say that the 18 country's economic restoration plans had been authorized and that work had begun on them. He also stated that he was not seeking a quick economic recovery but rather for long-term progress.

The ministers also reviewed the COVID-19's uneven impact across economic sectors and regions at the Eurogroup conference. According to a survey, 13 EU countries are experiencing an increase in the number of cases of infections, although the European Centre for Disease Control also revealed that 71 percent of EU people are fully vaccinated.

On the data front, the German Final CPI for August came in at 0.0 percent, as expected, at 11:00 GMT. At 11:45 GMT, the French Industrial Production for July fell to 0.3 percent, versus a forecast of 0.4 percent, weighing on the single currency Euro, which added to the EUR/USD pair's loss. At 13:00 GMT, Italian Industrial Production increased by 0.8 percent, compared to a prediction of 0.0 percent, bolstering the Euro and limiting the slide in EUR/USD.

On the US side, the PPI for August rose to 0.7 percent at 17:30 GMT, beating expectations of 0.6 percent, supporting the currency, and adding weight on EUR/USD. In August, the Core PPI increased to 0.6 percent, up from the forecasted 0.5 percent, bolstering the US dollar and adding to the EUR/USD pair's losses. Final Wholesale Inventories remained unchanged at 19:00 GMT, despite estimates of 0.6 percent.

The single currency Euro fell on the day after Christine Lagarde, the President of the European Central Bank, stated that the EU's economy was improving but that the proliferation of the Delta form of the COVID-19 could postpone a complete reopening of the economy. She went on to say that the ECB has changed its economic projection for the year, with more optimistic growth and inflation predictions, but the speed with which the economy recovers will be determined by how a pandemic develops in the coming months.

EUR/USD Intraday Technical Levels

Support Resistance

1.1807 1.1815

1.1804 1.1820

1.1799 1.1824

Pivot Point: 1.1812

EUR/USD - Technical Outlook

On Monday, the EUR/USD is trading with bearish buys at the 1.1786 level. The closing of candles above the 1.1781 level suggests that the pair is gaining support at this level. However, a break out of the 1.1781 level could expose EUR/USD prices towards the next support level of the 1.1754 level. Overall, the trading bias for the principal remains bearish as it has violated the pivot point level of 1.1823 level. On the resistance side, immediate resistance stays at the 1.18008 level. The bullish crossover above the 1.1808 level exposes the euro pair towards the pivot point level of 1.1823, whereas the break out of the 1.1823 level exposes the pair towards the 1.1850 level. The leading technical indicator, stochastic RSI, is holding in a selling zone, therefore the bearish bias dominates below 1.1823 and vice versa. All the best

Bitcoin Slips Below 45,600 Pivot Point

After reaching a high of $46,391.0 and a low of $44,780.1, the BTC/USD pair was closed at 46069.0. BTC/USD gained ground on Sunday, rising for the second day in a row, owing to certain encouraging events in the environment. El Salvador's recent decision to make Bitcoin legal tender has spurred other governments to join the rising trend of legalising cryptocurrency. El Salvador was the first country to adopt bitcoin as a second currency, while Cuba only approved legislation recognizing and regulating cryptocurrencies two weeks ago, owing to the rising socio-economic interest. Panama has also stated that new cryptocurrency legislation is being drafted.

Ukraine is the most recent country to adopt bitcoin and other cryptocurrencies. Ukraine's Parliament has enacted legislation making cryptocurrencies legal. According to reports, the Parliament was preparing a new cryptocurrency-related bill that would allow payments in digital assets for the second reading.

On Wednesday of last week, the Parliament passed the draught bill, making cryptocurrencies legal for the first time in the country. The rule will take effect after revisions to the country's tax laws regarding taxing bitcoin transactions. This news has aided the growth of the BTC/USD exchange rate.

Argo Blockchain, the world's largest Bitcoin mining company, has acquired new financing from Galaxy Digital LP to fund additional operational developments. On Friday, the London Stock Exchange announced that a new bitcoin-backed credit deal worth 18.05 million pounds had been signed. The Argo previously agreed to a $20 million BTC-backed loan with Galaxy Digital in June.

Both loans would total $45 million if they were combined. The Bitcoin miner from the United Kingdom will use the funds to expand its operations in Texas. This report also contributed to the rise in BTC/USD values.

Furthermore, the Fairfax County Police Officers Retirement System and the Fairfax County Employees' Retirement System, both Virginia public pension funds, were willing to invest $50 million in an investment vehicle that offers Bitcoin and other crypto derivatives. Only 15% of both funds will be invested in cryptocurrencies, with the remainder going towards blockchain companies. However, this was still good news for digital currencies, and BTC/USD rose on Sunday as a result.

Meanwhile, half of Brazilians feel that Bitcoin should be used as the country's currency, following El Salvador's footsteps, according to a survey performed by Sherlock Communications. The protection versus inflation and financial, macroeconomic instability was cited as a crucial factor in the poll's outcome. The protection versus inflation and financial macroeconomic instability was cited as crucial in the poll's outcome.

According to another positive report, clients of the UK Post Office now can make in-app Bitcoin purchases thanks to a cooperation between the post office and German-based crypto exchange Swarm Markets. Users will access and purchase cryptocurrencies directly from Swarm's website after verifying their identities using the Post Office Easy ID app.

BTC/USD Intraday Technical Levels

Support Resistance

45102.4 46713.3

44135.8 47357.6

43491.5 48324.2

Pivot Point: 45746.7

BTC/USD - Technical Outlook

On Monday, Bitcoin is trading with a bearish bias at the 44,700 level. On the downside, Bitcoin is gaining immediate support at the 44,212 level and a bearish crossover below this level could expose the next support level of 43,300. Furthermore, another breakout of the 43,308 level could expose Bitcoin prices towards the next support level of 41,906. In the 4-hour timeframe, Bitcoin has violated the pivot point level of 45,601 (see above). Currently, this pivot point level is working as a major resistance for Bitcoin. However, the crossover at the 45,614 level exposes Bitcoin prices towards the next resistance level of 46,518.

Furthermore, a break out of the 46518 level exposes Bitcoin prices to the next double top resistance level of 47,902. Speaking of the leading technical indicators such as RSI, they are holding in a selling zone alongside the 50 day SMA. It suggests a bearish bias today, especially below the 45,614 level and vice versa. All the best!

Pivot Point Level to Support Gold at $1,794

The yellow metal price managed to stop its previous-day downward rally and drew some fresh bids around above the $1,800 level. The yellow metal was set to end the week on a bearish track. The dollar was gaining positive traction, and uncertainty over the U.S. Federal Reserve's timeline to start asset tapering was growing. Although the losses in bullion prices were brief, the U.S. dollar began to lose its positive energy and fell on the day. The reason could be attributed to the weaker Treasury yields, which dropped after the U.S. government saw strong demand for 30-year bonds.

Furthermore, the market's upbeat mood put some additional burden on the safe-haven U.S. dollar. Thus, the price of gold is inversely tied to the price of the U.S. dollar, a weaker U.S. currency that tends to support gold prices. Apart from this, the uncertainty surrounding the economic recovery, which was being challenged by the Delta covid variant, also boosted the yellow-metal safe-have appeal.

In addition to this, the buying bias around the yellow-metal prices was also sponsored by the headlines concerning the U.S. Federal Reserve (Fed) officials' push for tapering. As of writing, the precious metal price is trading at 1,801.15 and consolidating in the range between 1,792.63 and 1,803.95. The market's trading sentiment succeeded in stopping its previous-day downward performance and turned well bid on the day. The 10-year Treasury yield in the United States has recovered to 1.30% after falling by more than four basis points (bps) the previous day. Similarly, the S&P 500 Futures have ignored Wall Street benchmarks, gaining 0.08% intraday to 4,495 at the most recent close.

The U.S. President Joe Biden revealed aspects of his battle plan to defeat the pandemic during an early Friday news conference in Asia. With statements like "we can and will turn the tide on COVID-19," his main focus was on faster vaccinations and the push for masks. So, these motivational remarks have a positive impact on the market's trading sentiment.

Besides this, the cautious optimism from U.S. President Joe Biden, during his 6-pronged strategy speech, preceded the first time in seven months, talks between Biden and his Chinese counterpart, Xi Jinping, improved the market's trading sentiment.

As per the latest details, the U.S. side refrains from being too optimistic and terms talks as 'a a broad, strategic discussion'. While Chinese media said, "Xi and Biden had a frank discussion on US-China relations." In addition to this, Biden's push for vaccinations/masks and the U.K.'s approval for booster shots of the covid vaccines add further to the market's slightly positive mood. Therefore, the prevalent buying bias surrounding the market's trading sentiment was a key factor that kept the U.S. dollar lower.

At the USD front, the broad-based U.S. dollar failed to extend its early-day winning streak and dropped modestly on the day as the market risk-on mood tends to undermine the safe-haven U.S. dollar. Meanwhile, the declines were further bolstered as Treasury yields dipped after the U.S. government saw solid demand for a sale of 30-year bonds. The U.S. dollar dropped 0.20% daily after the U.S. 10-year Treasury yields fell 4.3 basis points to revisit the sub-1.30% area, around 1.297% by the end of the North American session. Because the price of gold is inversely tied to the price of the U.S. dollar, the pessimistic mood around the U.S. dollar was considered a crucial factor in keeping the gold price higher.

Looking forward, the global markets will likely remain quiet ahead of the weekend amid a light calendar. The U.S. Producer Price Index (PPI) data for August, expected to be 0.6% MoM against 1.0% prior, will be key to watch for fresh direction.

GOLD Intraday Technical Level

Support Resistance

1782.94 1804.24

1772.37 1814.97

1761.64 1825.54

Pivot Point: 1793.67

GOLD - Technical Outlook

The precious metal gold is trading with a bullish bias, holding above a pivot point trading level of 1,794. Gold, on the other hand, is expected to find immediate support near 1,792. The breakout at the 1,792 level is likely to extend a selling trend until the next support level of 1,784, and below this, the next support will prevail around the 1,775 level.

The pair's immediate resistance stays at the 1,804 level. In the event of a bullish breakout, gold prices will be exposed to the 1,800 level, with the next resistance located around the 1,811 level. In the 4-hour time frame, the 50-period exponential moving average is likely to extend resistance around the 1,811 level. The closing of candles above the pivot point level of 1,792 suggests a bullish bias in the precious metal gold. Lastly, the RSI indicates a bullish bias in gold. Thus, gold's bullish bias remains strong above the 1,794 level and vice versa. All the best!