Gold’s Daily Price Analysis

Gold prices ended the day at $1807.00, having reached a high of $1821.65 and a low of $1805.60. Gold surged to its highest level since November 22nd during early trading hours on Tuesday, but it did not last long and fell in late trading hours, prolonging its loss for the second straight session. The key explanation for the session's decline in precious metals prices could be the rise of the US dollar. The greenback increased to 96.23, recouping the previous session's losses. The benchmark 10-year US Treasury note yield climbed on Tuesday, hovering at 1.48 percent, bolstering the US dollar. The strong dollar exacerbated the intense selling pressure around the precious metal.

The October HPI jumped to 1.1 percent, vs. the anticipated 0.9 percent, at 19:00 GMT, supporting the US dollar on the data front. The S&P/CS Composite-20 HPI dipped to 18.4 percent from 18.6 percent predicted, dragging on the US dollar. The Richmond Manufacturing Index rose to 16 at 20:00 GMT, exceeding the projected 11 and supporting the US dollar. Most of the data came from the United States, which drove the dollar higher, adding to the day's selling pressure on precious metals.

Despite the stronger US dollar, gold prices stayed above the critical threshold of $1,800 per ounce, owing to ongoing concerns about rising inflation. Some investors view gold as an inflation hedge, but the metal's vulnerability to rising US interest rates puts it under pressure as the cost of keeping bullion rises. Nevertheless, the rapid spread of the Omicron form boosted the number of cases worldwide, supporting safe-haven gold. Coronavirus transmissions have reached 1.44 million; according to one study, Omicron infects at a rate 70 times quicker than prior strains. However, the disease produced by it may be less severe, particularly for persons who have been vaccinated and have gotten a booster injection. This boosted market confidence and kept gold losses to a minimum for the day.

GOLD Intraday Technical Level

Support Resistance

1801.19 1817.24

1795.37 1827.47

1785.14 1833.29

Pivot Point: 1811.42

GOLD - Technical Outlook 

On Wednesday, gold was trading sideways, maintaining a narrow range of 1,808 – 1,804 levels. The intra-day pivot point extends the resistance level at 1,810, and below this, the bearish bias remains strong. In the 4-hour timeframe, the precious metal forms neutral candles, indicating indecision and a lack of volatility in the market. Therefore, it’s normal to have such market conditions during the holiday session.

Gold’s immediate resistance stays at the 1,807 level on the bullish side, and a break above this level exposes the metal towards the 1,811 level. Further, the next resistance remains at the 1,816 level on the higher side. While the support holds around 1,804 and 1,800 levels, a break below 1,800 levels exposes the metal towards 1,795 and 1,785 levels. All the best!

Daily Price Outlook

The EUR/USD pair closed at $1.1309 after hitting a high of $1.1335 and a low of $1.1289. The EUR/USD currency pair moved lower on Tuesday amid the rising strength of the US dollar and the declining value of the single currency euro. The shared currency came under pressure after several European countries started reporting record-high COVID-19 cases due to the increased spread of the Omicron variant across the continent.

On Tuesday, France reported a record high of 179,807 new confirmed cases on a single day, which was by far the highest daily number since the start of the pandemic. Italy, Cyprus, Greece, and Portugal also reported record-high daily coronavirus cases despite having one of the world's highest vaccination rates.

Given the rising number of coronavirus cases, France has announced new COVID-19 measures, making working from home mandatory from January 3rd for at least three days per week, and public gatherings will be limited to 2000 people indoors and 5000 people outdoors. These rules will be in place for at least three weeks. The rising spread of the Omicron variant and restrictions imposed by European countries had a negative impact on the single currency euro, dragging EUR/USD further to the downside.

On the other hand, the US dollar was high onboard due to its safe-haven status, which was fueled by rising fears surrounding the Omicron variant. The latest studies suggested that the Omicron variant spreads 70% faster than other variants, raising investors' fears and supporting the greenback. However, the study also stated that Omicron was less likely to cause severe infection in vaccinated people and those with booster shots.

Due to favorable macroeconomic figures released on Tuesday, the US dollar was also high on board. At 19:00 GMT, the HPI from October surged to 1.1% against the anticipated 0.9% and supported the US dollar. The S&P/CS Composite-20 HPI fell to 18.4%, versus the expected 18.6%, and was weighted by the US dollar. At 20:00 GMT, the Richmond Manufacturing Index improved to 16 from an estimated 11 and supported the US dollar.

On Tuesday, the strong US dollar added further downside pressure on the currency pair EUR/USD. The US Dollar Index, which measures the greenback's value against the basket of half a dozen currencies from major economies, rose to the 96.23 level on Tuesday and recovered some of its previous session's losses, causing a decline in the EUR/USD pair.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1287 1.1333

1.1266 1.1356

1.1242 1.1378

Pivot Point: 1.1311

EUR/USD - Technical Outlook 

The technical side of the EUR/USD continues to remain unchanged at the 1.1304 level, facing strong resistance at 1.1309. This particular resistance is being extended by an intraday pivot point level and the formation of candles below this is signaling a downtrend. The EUR/USD continues to trade choppily, maintaining a narrow range of 1.1320 – 1.1290. It's gaining immediate support at the 1.1301 mark, along with major resistance at the 1.1333 level. The closing of hourly candles below the 1.1309 level adds selling pressure on EUR/USD. A surge in buying pressure and a break above the 1.1309 resistance level exposes the pair towards the 1.1330 or 1.1353 resistance marks. Conversely, the support marks continue to stay at 1.1289 and 1.1266. All the best!

Bitcoin Price Prediction 

The BTC/USD pair closed at $47,554.0 after hitting a high of $50,710.0 and a low of $47,339.0. On Tuesday, BTC/USD fell for the second consecutive session on Tuesday, reaching its lowest level since December 21st. The latest decline in Bitcoin prices could be attributed to the regulation of bitcoin in Turkey. The Turkish currency, the Lira, is suffering its worst devaluation, and the country's laws have decided to keep the crypto industry's growth in check.

Savings guarantees: the Turkish state announced that the Turkish state would offer savers' guarantees. 

Furthermore, the Turkish government also fined Binance, the Japan-based crypto exchange giant with offices in the United States and several other countries worldwide. The Turkish government fined Binance 8 million lira, approximately $750,000, and said that it allegedly violated the regulations of the European country.

According to the Turkish newspaper NTV, the government of President Recep Tayyip Erdogan has already completed a law to regulate Bitcoin and other cryptocurrencies.

The President has said that he will send the law to Parliament for approval without delay. The Turkish Lira has lost around 85% of its value over the last decade, and now Turkey is seeking to re-float its currency. Turks have started using cryptocurrencies to hedge inflation to protect themselves from the financial crisis. This has prompted Erdogan to declare war on Bitcoin. The latest regulation on bitcoin from Erdogan added negative pressure on BTC/USD on Tuesday.

Meanwhile, the latest order issued by Iranian authorities to local crypto miners to temporarily suspend their activities during the winter months as there was a shortage of electricity also added to the declining prices of Bitcoin. This year, Iranian authorities took measures of this kind for the second time; they first did so in May and September. 

The Iranian government placed a temporary ban on bitcoin and crypto mining at the end of May as they were blamed for electricity blackouts. Energy consumption rose to its maximum level once again in the winter season, and the local Ministry of Energy called on miners to stop their activities temporarily. This news added further downside pressure on the BTC/USD on Tuesday and added to the losses of the leading cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

46358.6 49729.6

45163.3 51905.3

42987.6 53100.6

Pivot Point: 48534.3

BTC/USD - Technical Outlook

Bitcoin's price has failed to regain strength and has begun a new slide below the $50,000 support level. BTC fell below the $49,200 and $49,000 support levels, entering a bearish zone. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a bearish continuation pattern with support near $49,200. The pair even came close to the $47,200 mark, trading below the $48,500 support zone.

If bitcoin does not return over $49,200, it may continue to fall. An immediate support level is around $47,500. The first significant support is around $47,200. If the price falls below $47,200, it may move towards the $46,500 support. Any further losses might push the price down to the $45,500 support level. All the best!

Gold’s Daily Price Analysis

The yellow metal price halted its previous day's bullish streak and fell from the one-week high, approaching the critical technical hurdle of $1,810 per ounce. The gold price has fallen for the first time in four trading days, owing to improved market confidence that has pushed Wall Street to new highs. Concerns about the highly infectious Omicron coronavirus type are receding. In the meantime, the solid US retail sales figures further boosted risk sentiment, driving gold out of favor.

Additionally, comments from US Vice President Kamala Harris, who indicated that she might use her tie-breaking vote to help President Joe Biden pass his Build Back Better (BBB) stimulus proposal, boosted market sentiment. Furthermore, ongoing negotiations over Iran's nuclear program and a worldwide drive for peace between Russia and Ukraine appear to have provided some further support to the markets, which was seen as one of the key factors that pushed the safe-haven gold down. Furthermore, the metal's performance was also hampered by the light calendar. On the flip side, the downbeat US dollar, on the other hand, was considered one of the critical factors that helped the XAU/USD pair limit its deeper losses. Currently, the safe-haven metal is trading at the 1,812.14 level and consolidating in the range between 1,808.60 and 1,812.74.

Despite the lack of essential data/events and the holiday mood, the market's trading mood managed to prolong its overnight bullish gain, as shown as the S&P 500 surges as Wall Street opens, up 0.75 percent, to 4,766.02 as of writing. Despite concerns that the Omicron variant might result in the cancellation of 3,000 or more flights over the Christmas weekend due to quarantine measures and a staffing shortage, the market mood has improved. The price of gold has fallen for the first time in four trading days, owing to an improvement in the market mood that has driven Wall Street to new highs.

Technically, concerns about the highly pathogenic Omicron coronavirus type eased, while solid US retail sales data also boosted risk sentiment, driving gold out of favor. Thus, the easing fears of the South African COVID type and stimulus hopes might be regarded as important reasons for the new market optimism. Traders relied on studies from South Africa and the United Kingdom that showed the Omicron COVID form was associated with a lower risk of hospitalization, allowing them to breathe a sigh of relief.

Looking forward, the Omicron headlines will remain in the driver's seat due to the festive mood and the lack of major catalysts. Housing statistics from the United States and manufacturing data from the Richmond Fed are also important to watch.

GOLD Intraday Technical Level

Support Resistance

1805.89 1815.54

1798.72 1819.02

1794.24 1826.19

Pivot Point: 1809.37

GOLD - Technical Outlook 

On Tuesday, Gold is trading bullish at the 1,813 level, having violated the pivot point resistance level of 1,809. On the 4-hour timeframe, the precious metal has formed a bullish engulfing candle that typically drives an uptrend in the market. Gold’s immediate resistance stays at 1,815 level on the bullish side, and a break above this level exposes the metal towards 1,819 level. Further on the higher side, the next resistance remains at 1,826 level. While the support holds around 1,809 and 1,805 levels, a break below 1,805 levels exposes the metal towards 1,798 and 1,794 levels. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1326 after hitting a high of $1.1334 and a low of $1.1302. The EUR/USD pair rose for a second session on Tuesday, owing to the weakening of the US dollar and the general risk-on market mentality. The US Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 96.34, weighing on the greenback and ultimately driving the currency pair EUR/USD higher. Meanwhile, the euro gained traction as risk appetite returned to the market.

The Centers for Disease Control and Prevention (CDC) in the United States recently shortened the general population's isolation and quarantine time from ten days to five days. Furthermore, the market's trading sentiment was also bolstered by the remarks of US Vice President Kamala Harris, who indicated that she would use her tie-breaking vote to help President Joe Biden pass his Build Back Better (BBB) stimulus proposal. On the same page, the People's Bank of China (PBOC) and the Chinese Finance Ministry advocated more easy money to support Australia's greatest customer's economic growth.

In addition, ongoing talks over Iran's nuclear program and a worldwide drive for peace between Russia and Ukraine appear to have provided some more comfort to the markets. Thus, the positive mood in the market was seen as one of the key factors that pushed the safe-haven gold price down.

On the USD front, the US dollar failed to stop its bearish bias and is still flashing red on the day. However, the reason could be the easing of concerns about the highly infectious Omicron coronavirus variant, combined with robust US retail sales data, which drives investors into riskier assets rather than safe-haven assets like the US dollar. Thus, the muted price movement in yields and the US dollar appears to be limiting the downside in EUR/USD prices.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1261 1.1304

1.1239 1.1325

1.1218 1.1347

Pivot Point: 1.1282

EUR/USD - Technical Outlook 

Considering the holiday session, the technical side of the EUR/USD pair hasn't changed a lot. The EUR/USD continues to trade choppily near the 1.1321 level. It's gaining immediate support at the 1.1301 mark. The direct currency pair's next resistance holds around 1.1340 level. The formation of candles under the 1.1340 level adds selling pressure on EUR/USD. A surge in buying pressure and break above 1.1337 resistance level exposes the pair towards 1.1360 or 1.1410 resistance marks.Conversely, the support marks continue to stay at 1.1308 and 1.1230. A downward breakout boosts the chances of a downtrend until the 1.1197 support zone. All the best!

Bitcoin Price Prediction 

On Tuesday, the BTC/USD is trading sharply bearish, having dropped from a high level of 51,936 to 49,057. This year's tremendous bull run in Bitcoin's price propelled it up in more ways than one. As the world's largest cryptocurrency drew closer to its all-time high, all eyes seemed to be on Bitcoin. This is particularly clear when studying social media posts, which demonstrate a significant increase in the amount of attention they received from the general public this year.

According to Visibrain data, there will be 101 million tweets using the phrase "bitcoin" in 2021. This represents a 350% increase over the amount reported in 2020. The substantial increase in social media attention paid to Bitcoin over the last year may be explained by the rise in the number of individuals becoming aware of cryptocurrency in general. However, the market's massive changes could also be a big part of this.

Every month this year, the crypto industry has been hit with huge news that has significantly influenced Bitcoin's price. Social media was ablaze with mentions of Tesla's $1.5 billion BTC purchase at the start of February. In March, the company announced that it would take Bitcoin as payment, resulting in another surge in mentions. The considerable increase was surpassed only two months later when BTC purchases were halted. Chinese Bitcoin miners fled the nation in the same month, causing another social media avalanche.

Bitcoin price made another effort to break through the $51,800 resistance level. BTC surged near the $52,000 level, where the bears stepped in. A double top pattern appears to be emerging near $52,000. A high was made near $52,111, and the price fell again. There was a break below the $51,200 and $50,500 support levels. On the hourly chart of the BTC/USD pair, there was also a breach below a significant bullish trend line with support near $51,200.

However, Bitcoin is on a bearish run now, having plunged to the 49,000 range again before the year-end. Most of the selling bias seems to be due to profit-taking by investors. So let's take a look at the technical outlook. 

BTC/USD Intraday Technical Levels

Support Resistance

47286.6 49955.6

45650.3 50988.3

44617.6 52624.6

Pivot Point: 48319.3

BTC/USD - Technical Outlook 

The pair traded below the 50 percent Fib retracement level of the upward run from the swing low of $49,477 to the high of $52,111. Bitcoin is currently trading under $50,000 and below the 100 hourly simple moving average. It is also trading below the 76.4 percent Fib retracement level of the upward run from the swing low of $49,477 to the high of $52,111. An immediate support level is around $49,500. The big initial support is close to $49,000.

If the price falls below $49,000, it may move towards the $48,800 support. Any further losses might bring the price down to the $47,500 support level. If bitcoin can maintain above the $49,500 support level, it might begin a solid rise. On the upside, an immediate barrier is near the $50,000 mark. The next significant resistance level could be $50,800, as well as the 100 hourly SMA. A decisive break above the $50,800 resistance level could signal the start of a new uptrend. The bulls' next significant resistance level could be around $51,800. All the best!

Gold’s Daily Price Analysis

Gold began the day with a modest increase, moving above the $1800 barrier despite a minor decrease in the US Treasury Yield. As a result, market participants have not fully recovered from the holidays, resulting in sluggish market momentum.

The US Dollar Index, which gauges the dollar's value against a basket of a half-dozen currencies from significant nations, was also rising, if slowly, and held over the 96.10 level. US Treasury yields were under pressure and hovered around 1.48 percent, assisting gold to start the day in the green. No macroeconomic statistics will be issued from the United States on Monday on the data front. However, the release of the Housing Price Index and the Richmond Manufacturing Index on Tuesday could impact the US dollar.

Last Monday, experts from the Walter Reed Army Institute of Research stated that they expect to reveal the development of a vaccine effective against COVID-19 and all of its variants, including Omicron and prior SARS-origin viruses that have killed millions of people. The vaccine was created after two years of research on the virus. The vaccine has yet to go through phase 2 and phase 3 trials, and identifying unvaccinated and uninfected patients has been difficult, causing the vaccine's completion to be delayed. However, if the vaccination is shown to be effective against all versions, the COVID-19 myth will be put to rest once and for all. This market confidence increased risk appetite and capped gold gains for the session.

On the other hand, gold was gaining strength as a result of the coronavirus's rapid spread. According to Johns Hopkins University, the global coronavirus caseload reached 279.9 million, with 5.39 million deaths and almost 8.94 billion people vaccinated. Over the Christmas holiday, commercial airlines globally canceled around 5,700 flights due to the spread of Omicron. France reported 100,000 daily COVID-19 cases for the third day in a row, and Portugal reported 10,000 daily COVID-19 cases.

Despite the city of Xi'an being under lockdown, China reported the greatest number of infections in four months. The rising number of coronavirus cases and the government's anti-coronavirus measures added uncertainty to the market, which supported precious metals on Monday morning.

GOLD Intraday Technical Level

Support Resistance

1806.65 1810.05

1805.10 1811.90

1803.25 1813.45

Pivot Point: 1808.50

GOLD - Technical Outlook 

On Monday, the yellow metal gold is trading sideways as most of the markets are closed amid holidays. Gold has gained support at the 1,808 level, surged from 1,798 pivot point level. On the 4-hour timeframe, gold has closed bullish engulfing candles supporting weakness in the bearish bias. Therefore, the closing of candles above the 1,808 pivot point keeps gold underpinned. Gold’s major hurdle stays at 1,810, and above this, prices will be exposed towards the next resistance level of 1,817 and 1,829. Further on the higher side, the resistance stays at 1,836. Gold’s immediate support stays at 1,805 levels. At the same time, a break below the 1,805 support might expose the gold price down to 1,789 or 1,777 level. The RSI and Stoch are signaling a uptrend in gold. All the best!

Daily Price Outlook

The EUR/USD opened its day on Monday with consolidated momentum as investors struggled to give the currency pair a significant direction. The pair is almost flat and finding it hard to decide a direction to continue its movement. It is hovering around the $1.1320 level.

The US Dollar Index, which measures the value of the U.S. dollar against a basket of six major currencies, was somewhat green on board amid the return of investors from the Christmas holidays. However, the DXY was still consolidating and stalled at the 96.10 level. The slightly bullish tone surrounding the U.S. dollar kept the currency pair EUR/USD under pressure on Monday.

Furthermore, the rising spread of the Omicron variant in European countries prompted leaders to reinstate coronavirus restrictions. Portugal and Germany announced post-Christmas curbs and greater social distancing measures. Spain and France published the highest number of daily cases since the pandemic, as France topped 100,000 daily cases. The World Health Organization has also cautioned that the rising number of cases across Europe could push their health systems towards the brink of collapse.

Finland has ordered bars and restaurants to close at 18:00 from December 28 with limited seating for three weeks. Germany also announced that small gatherings of 10 people and nightclubs would not be allowed from December 28. In France, children between the ages of 5 and 11 are vaccinated, and Spain is discussing implementing new restrictions. According to the latest EU figures, Europe has already seen more than 89 million cases with 1.5 million deaths, and the figures are rising continuously, driving the euro to the downside.

Meanwhile, the latest accusation by Poland against Russia to limit the deliveries of gas to Europe and denounced that it was causing Germany’s resale of gas to Poland to be expensive. However, on Friday, Russian President Vladimir Putin denied these accusations and said that Poland had sidelined Russia in managing the pipeline. Due to the Christmas holidays, there was no macroeconomic data release from Europe or the U.S. side, and the currency pair EUR/USD remained at the mercy of investor behavior for the time being.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1314 1.1329

1.1305 1.1335

1.1299 1.1344

Pivot Point: 1.1320

EUR/USD - Technical Outlook 

The EUR/USD is trading at the 1.1321 level, gaining immediate support at the 1.1301 level. The direct currency pair’s immediate resistance stays at 1.1337 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1337 resistance level exposes the pair towards 1.1360 or 1.1410 resistance levels. Alternatively, the support levels continue to hold at 1.1308 and 1.1230. A bearish breakout increases the chances of a downtrend until the 1.1197 support zone. All the best!

Bitcoin Price Prediction 

The BTC/USD was closed at $50,797.0 after reaching a high of $51,281.0 and a low of $49.473.0. On Sunday, BTC/USD reversed course and recovered minor losses from previous sessions. The President of El Salvador, Nayib Bukele, announced on Friday that Bitcoin was the real revolution that the world is seeing and that days for fiat currency were limited and that the days of fiat currency were gone for good.

He targeted those in his statement, which raised questions regarding El Salvador's legalizing Bitcoin. He further said that those whom international organizations have called the "Bitcoin Experiment" only watched how mass adoption changes a country's economy. He added that El Salvador was the spark that ignited the real revolution. These comments from Bukele added some positive momentum in BTC/USD prices.

On the other hand, the former UK Chancellor, Lord Hammond, has reportedly warned against investing in cryptocurrencies. He called investing in cryptocurrency "gambling money" and noted that people should be extremely cautious as many people regard it closer to gaming than serious investing. Nonetheless, he has taken the senior advisor position at CryptoFriM Copper, which he joined in October. These comments from a senior advisor of a crypto firm added pressure to the rising prices of BTC/USD.

Meanwhile, market researcher Jim Bianco said that used car prices increased faster than bitcoin and other assets. He further said that if you want to know what the best investment you made in 2021 is, it's that car sitting in your garage. The Bianco researcher said that the prices of used cars were appreciating faster than the stock market and, lately, faster than some cryptocurrencies.

The price of bitcoin has increased by only 5% in the last four months, while the S&P 500 has risen by 26% this year; however, the price of used cars has soared by more than 20% in the last four months. This study had a negative impact on the rising prices of BTC/USD on Monday.

Moreover, hundreds of Salvadorans claimed that money from their bitcoin accounts was disappearing. In September, the government gave each citizen the US $30 in bitcoin via each person's Chivo wallet, a government's digital account. The coin could be used for shopping or paying taxes. However, citizens started claiming that the stores had not received their payments and the funds had disappeared from their accounts. This news further weighed on the BTC/USD on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

49753.0 51561.0

48709.0 52325.0

47945.0 53369.0

Pivot Point: 50517.0

BTC/USD - Technical Outlook 

Bitcoin's price has begun a slight downward retracement from the $51,800 level. BTC fell below $51,200, entering a negative zone in the immediate term. There was a breach below the 50 percent Fib retracement level of the upward move increase from the swing low of $48,105 to the high of $51,800. There was even a drop below $50,000 and the 100 hourly simple moving average.

On the upside, an immediate barrier is near the $51,200 mark. The next significant resistance level might be $51,500. A decisive break above the $51,500 resistance level might kick-start a new uptrend. The bulls' next significant resistance level might be around $53,500. If bitcoin fails to break through the $51,200 barrier level, it may begin another downtrend. On the downside, there is immediate support near the $50,200 level.

The first large contribution is close to $50,000. If the price falls below $50,000, it may move towards the $49,400 support level. Any further losses might bring the price down to the $48,500 support level. All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1810.10, with a high of $1811.95 and a low of $1799.50. Gold climbed for the second day in a row on Thursday, boosted by the possibility of US inflation after the latest statistics revealed that the world's largest economy was experiencing its worst pricing pressures in four decades. The data from the United States revealed that the so-called PCE had its highest annual growth in 39 years, which eventually strengthened the precious metal due to its traditional position as an inflation hedge.

Meanwhile, the US Food and Drug Administration gave emergency use approval for Molnupiravir, a COVID-19 tablet created by Merk & Co., on Thursday, boosting the current risk-on market trend and limiting precious metals advances. Furthermore, a UK study found that Omicron infections were less likely to result in hospitalisation, but that the variant might still cause a large number of serious cases due to its infectiousness. A study from Asia Pacific, on the other hand, found that two doses of the Sinovac vaccine, plus a booster shot, did not create enough neutralising antibodies to protect against Omicron. This news also contributed to some of gold's advances.

The Core PCE Price Index increased to 0.5 percent at 18:30 GMT, exceeding the expected 0.4 percent, bolstering the US dollar on the data front. The core durable goods orders also increased by 0.8 percent, versus the expected 0.6 percent, supporting the US dollar. Durable Goods Orders rose to 2.5 percent from 1.9 percent expected, bolstering the US dollar. Personal income remained unchanged, with a 0.4 percent increase projected. Personal spending was stable at 0.6 percent.

Last week's unemployment claims jumped to 205K, exceeding the 200K forecast, bolstering the US dollar. At 20:00 GMT, new house sales had fallen to 744K from 770K expected, weighing on the US dollar. The Revised University of Michigan Consumer Sentiment remained unchanged at 70.6. Revised UoM Inflation Expectations stayed unchanged at 4.8 percent. The majority of the data came from the United States, which favoured the greenback and restrained the rise in gold prices on Thursday.

The growing number of countries implementing measures to reduce the Omicron variant spread also contributed to gold's gain on Thursday. On Thursday, China's Xi'an city, which has a population of almost 13 million people, was also closed down. It was the most severe lockdown since the epidemic began in 2020, with all inhabitants instructed to stay indoors and only one member from each family allowed to out every other day for needs.

Despite the Omicron variety sweeping the country, President Joe Biden has ruled out the notion of returning to the March 2020 countrywide pandemic lockdown. According to Biden, the country has enhanced immunisation and medical competence, and the United States will not need to revert to the national pandemic lockdown that occurred in March of last year. This news pushed the US dollar slightly higher on Thursday, limiting gold price gains.

GOLD Intraday Technical Level

Support Resistance

1802.41 1814.86

1794.73 1819.63

1789.96 1827.31

Pivot Point: 1807.18

GOLD - Technical Outlook 

On Friday, trading in gold is disabled amid Christmas holidays. However, the precious metal gold is gained support at the 1,808 level, surged from 1,798 pivot point level. On the 4-hour timeframe, gold has closed bullish engulfing candles supporting weakness in the bearish bias. Therefore, the closing of candles above the 1,805 pivot point keeps gold underpinned. Gold’s major hurdle stays at 1,810, and above this, prices will be exposed towards the next resistance level of 1,817 and 1,829. Further on the higher side, the resistance stays at 1,836. Gold’s immediate support stays at 1,805 levels. At the same time, a break below the 1,805 support might expose the gold price down to 1,789 or 1,777 level. The RSI and Stoch are signaling a uptrend in gold. All the best!