Bitcoin Price Prediction 

The BTC/USD was closed at $50,812.0 after a high of $51,376.0 and a low of $48,078.0. BTC/USD rose above $50,000 on Thursday, its highest level since December 8th, amid a generally favorable environment. The CEO of MicroStrategy, Michael Saylor, has provided his expectations for the leading cryptocurrency, Bitcoin, and said that the price of Bitcoin will reach $6 million as it is unstoppable and will replace gold. Saylor has been a bitcoin advocate and believes that BTC should never be sold, as he owns about 17,732 BTC, worth $858 million.

His company, MicroStrategy, has a stash of 122,478 bitcoins worth about $6 billion at the current price. The company acquired the coins at an average price of $29,861 for a cost of about $3.7 billion. According to MicroStrategy, it was the largest publicly traded corporate holder of BTC globally and was also the first public company to adopt bitcoin as a primary treasury reserve asset. The CEO had repeatedly said that BTC would replace gold, as earlier this month, he said that there was a time when gold used to be a desirable store of value, but now bitcoin has taken its place. These comments from Saylor added to the positive sentiment surrounding the Bitcoin ecosystem and pushed its prices higher.

Meanwhile, a new report claims that people in Pakistan have invested a serious amount of money in digital assets in the absence of regulations. According to a report published by the Policy Advisory Board (PAB) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in 2020–21, Pakistanis held cryptocurrency worth $20 billion, allegedly more than one what their central bank has in foreign reserves.

The report suggested that the popularity of digital currencies was increasing rapidly, and the market had grown by about 711% this year as adoption increased. According to Chain analysis, Pakistan holds third place in crypto adoption this year, followed by India and Vietnam. This news also added some positive momentum to the BTC/USD prices as it showed the popularity of cryptocurrencies.

On the flip side, the U.S. SEC rejected two proposals from Valkyrie and Kryptoin to offer bitcoin exchange-traded funds, citing why they failed to meet the standards. The Valkyrie Bitcoin Fund and the Kryptoin Bitcoin ETF Trust did not meet the standard of being designed to prevent fraudulent and manipulative acts and practices and protect investors and the public interest, as per the SEC. This report capped some of the gains in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

48801.4 52099.4

46790.7 53386.7

45503.4 55397.4

Pivot Point: 50088.7

BTC/USD - Technical Outlook 

Bitcoin price created a base and began a new upward trend over the $48,000 barrier. BTC accelerated its rise above the $48,200 mark and the 100 hourly SMA (simple moving average). Moreover, on the hourly chart of the BTC/USD pair, a crucial descending channel with resistance near $48,800 was broken. After rallying above the $50,000 resistance zone, the pair moved into the positive zone. The bulls were successful in pushing the price beyond $50,000.

Bitcoin has reached a high of $51,500 and is now consolidating gains. It is significantly higher than the 23.6 percent Fib retracement line of the latest rise from the $48,105 swing low to the $51,500 high. It also trades significantly beyond $50,000 and the 100 hourly simple moving average. The first large contribution is close to $50,000. It is close to the 50% Fib retracement level of the latest rise from the $48,105 swing low to the $51,500 high. A breach below $50,000 on the downside could enhance selling pressure in the immediate term. The price may fall towards the $48,800 support zone in the aforementioned scenario. All the best!

Daily Price Outlook

The ETH/USD was closed at $4109.70 after placing a high of $4148.85 and a low of $3895.82. ETH/USD surged on Thursday and recovered all of its previous session’s loss amid positive developments surrounding its ecosystem. Terabithia, a cross-chain contract communication and asset mirroring technology, was launched by Psychedelic, a Web 3.0 development studio that builds solutions for the Internet Computer. This will effectively turn the Internet Computer into a layer-two scaling solution for Ethereum. Users will have the capacity to mirror and operate any Ethereum tokens, fungible and non-fungible, on the Internet Computer blockchain and vice versa. The protocol will tackle the problem of Ethereum network congestion and high gas fees. This news sparked some upside pressure on ETH/USD prices in the market.

A crypto research analyst at Fundstart, Armando Aguilar, has predicted the second-largest cryptocurrency. According to Aguilar, more adoption from institutional investors will be seen in bitcoin and will make the next year successful for BTC. For Ethereum, Aguilar said that he sees the price of Ethereum doing very well in 2022.

Aguilar predicted that Ethereum’s token might reach $9000 by the second quarter of 2022, and for this bullish prediction, he gave a reason for the growth of decentralized finance, NFTs, and Metaverse. He said that institutional investors would take more interest in DeFi, which will push it to new heights, and the trend will lift ETH to $9000. This positive prediction from a crypto analyst added further upside momentum in ETH/USD prices.

A report from statistics collector Glassnode showed that the Ethereum network reached an all-time high of non-zero addresses, wallets holding a positive amount of coins with 70.8 million non-zero wallets as of Thursday. This news also added a positive sentiment surrounding the Ethereum ecosystem and pushed its prices higher to recover all of its previous session’s loss.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3954.07 4207.10

3798.43 4304.49

3701.04 4406.13

Pivot Point: 4051.46

ETH/USD - Technical Outlook 

Ethereum created a base above $3,900 to begin a new uptrend. ETH was managed to break through the $4,000 resistance level and the 100 hourly simple moving average. The bulls pushed the price over the resistance levels of $4,050 and $4,080. On the hourly chart of ETH/USD, there was also a break over a significant contracting triangle with resistance above $3,960. A peak was made near $4,155, and the price declined.

Below the $4,100 support level, there was a break. Ether has already fallen below the 23.6 percent Fib retracement level of the recent rise from the $3,896 swing low to the $4,155 high. If Ethereum fails to start a new uptrend over $4,150, it may correct lower. On the downside, an initial support level is near $4,050. The first crucial support level is already emerging near $4,020. The 50 percent Fib retracement level of the latest rise from the $3,896 swing low to the $4,155 high is also approaching $4,020. A breach below the $4,020 and $4,000 levels might bring the price down to $3,920.

Gold’s Daily Price Analysis

Gold prices ended the day at $1804.35 per ounce, having reached a high of $1806.20 and a low of $1785.80. Gold reversed course on Wednesday after falling for two consecutive sessions, recouping the majority of its earlier losses despite the US dollar's ongoing weakness.

The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, fell for the third day in a row, falling to 96.02. Simultaneously, the US Treasury yield on the benchmark 10-year note struggled to extend its gains, hovering around 1.45 percent.

The minor decrease in US Treasury yields, combined with the continuous decline in US dollar values, has sparked renewed interest in bullion. Furthermore, the gold price was high due to widespread fears about the Omicron variety. Fears about the new version and its spread heightened the risks of higher inflation and the likelihood of clearer monetary policy from the Federal Reserve, pushing gold higher on Wednesday.

On the data front, at 18.30 GMT, the final GDP for the quarter increased to 2.3 percent, up from the predicted 2.1 percent, bolstering the US dollar. The quarter's final GDP price index stayed unchanged at 6.0 percent. At 20:00 GMT, the US CB Consumer Confidence in December increased to 115.8 from 111.1 expected, supporting the US dollar. Existing house sales fell to 6.46 million, down from 6.55 million projected, and weighted one dollar. The majority of the data from the United States favoured the dollar, which eventually restrained the rise in precious metals prices on Wednesday.

Despite positive economic data, the US dollar remained under pressure on Wednesday, owing to rising risk appetite fuelled by a promising Omicron research and increased optimism about the global economy. A South African investigation found that the odds of hospitalisation and serious disease were lower in Omicron-infected patients than in the prior variation Delta. Furthermore, on Wednesday, the United States approved Pfizer's anti-viral COVID-19 tablet, Paxlovid, for use in persons aged 12 and up, as well as those at high risk. This optimism reignited risk appetite, forcing the US dollar lower due to its safe-haven reputation and driving gold higher due to a negative correlation between the two.

GOLD Intraday Technical Level

Support Resistance

1789.90 1810.40

1777.60 1818.60

1769.40 1830.90

Pivot Point: 1789.10

GOLD - Technical Outlook

On Thursday, the precious metal gold is gaining support at the 1,805 level, surged from 1,789 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. On the resistance side, 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 signalling a uptrend in gold. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1324 after placing a high of $1.1343 and a low of $1.1264. EUR/USD continued its bullish momentum for the third consecutive session and extended its gain mainly because of the US dollar's weakness along with the increased risk appetite in the market. Despite some negative developments surrounding Europe's economy, the single currency Euro kept on gathering strength due to the improved risk appetite in the market and pushed EUR/USD higher for the 3rd consecutive session on Wednesday.

The World Health Organization's European head has once again warned European countries to brace for a significant surge in coronavirus infections and advised people to get a booster shot to protect themselves from the widespread virus. According to Hans Kluge, 38 countries out of 53 in the WHO's European region have detected the Omicron variant. He warned that another storm of coronavirus infections was coming, and most vulnerable people should get booster shots as soon as possible as, for the moment, it was the single most crucial defence against Omicron.

Moreover, apart from Omicron, another risk was affecting Europe's economic recovery: the prevailing energy crisis. A report from Bloomberg suggested that the relentless surge in European energy prices forced industrial giants to cut production and threatened economic recovery. As a result, industries, including fertilizers and metals, were facing reduced production as energy costs were spiking to fresh records day after day.

Despite the lingering energy crisis and Omicron's concerns, the Euro rose as European investors emphasized the falling value of the US dollar and the current risk-on market sentiment.

There was no economic data released from Europe, and on the US side, at 18.30 GMT, the quarter's final GDP rose to 2.3%, against the predicted 2.1%, and supported the US dollar. The final GDP price index for the quarter remained unchanged at 6.0%. At 20:00 GMT, the CB Consumer Confidence from the US in December improved to 115.8 from the expected 111.1, which supported the US dollar. Existing home sales fell to 6.46 million against the forecasted 6.55 million and weighed on the dollar. Most of the data from the US supported the dollar and limited the rising prices of EUR/USD on Wednesday.

Meanwhile, despite the release of positive economic data from the United States, the dollar remained under pressure due to increased risk appetite fuelled by alleviating fears about the Omicron variant. A study from South Africa explained that the rate of hospitalization and severe cases were less affected by the Omicron variant than that caused by the Delta variant. The study helped keep the risk-on market sentiment alive and pushed the riskier currency pair EUR/USD to the upside on Wednesday.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1277 1.1356

1.1231 1.1389

1.1198 1.1436

Pivot Point: 1.1310

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1345 level, gaining immediate support at the 1.1308 level. The direct currency pair’s immediate resistance stays at 1.1355 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1353 resistance level exposes the pair towards 1.1386 or 1.1430 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 closed at $48,626.0 after reaching a high of $49,575.10 and a low of $48,459.80. BTC/USD reversed its course and dropped on Wednesday, with minor losses as it moved in a tight range for the day. The former Twitter CEO and current chief of fintech firm Block, Jack Dorsey, replied to a tweet from rap star and Grammy winner Cardi B. The performer asked her 20.5 million followers, "Do you think crypto will replace the dollar?" Jack Dorsey said, "Yes, Bitcoin will, "in response to her question."

The interesting thing about this was that Dorsey did not say crypto in general or a vague blockchain-based technology would replace the dollar, but he straight said that Bitcoin was the heavyweight currency champion of the world. The debate has now reached Congress as politicians from the House of Representatives and Senate have expressed concerns that stablecoins and Bitcoin could undermine the dollar as the global reserve currency. These concerns of politicians and the tweet from Dorsey added to the leading crypto's strength and limited the decline in BTC/USD on Wednesday.

On the other hand, an international trade policy professor at Cornell University, Eswar Prasad, warned that the world's most popular cryptocurrency could fade out in the near future. He said that its downfall would be the lack of efficiency and inability to facilitate exchange as a mode of payment.

According to Prasad, Bitcoin's use of blockchain technology was not very efficient. Blockchain is the technology that underpins cryptocurrencies. Bitcoin and other cryptos are just codes recorded on a blockchain that gets longer and longer as more people use them. According to Prasad, the validation mechanism used by Bitcoin for transactions is environmentally destructive, which will eventually lead to its demise. These negative comments from the Indian-American economist added pressure on BTC/USD and dragged its prices to the downside on Wednesday.

Furthermore, a highly innovative FinTech company, SurgePays, has announced that the initial development of its newest version of its software platform has been completed. The new platform will enable SurgePays store owners to sell specific cryptocurrencies to customers for cash. It means customers with or without a bank account, or credit card, will be able to purchase BTC, ETH, and DOGE at local stores that are part of the company's 8000+ retail store network. Store clerks will facilitate the purchase of between $50 and $1499 worth of cryptocurrencies. This news should also have pushed BTC/USD higher, but the market participants kept the momentum to the downside for Wednesday.

BTC/USD Intraday Technical Levels

Support Resistance

48198.9 49314.2

47771.6 50002.4

47083.5 50429.6

Pivot Point: 48887.0

BTC/USD - Technical Outlook

Bitcoin price created a base and began a new upward trend over the $47,500 barrier. BTC accelerated its rise above the $48,500 mark and the 100 hourly simple moving average. The price rose so far that it broke through the $49,200 resistance level, but the bulls could not push the price above $50,000. A high was made near $49,599, and the price declined.

The next significant resistance level might be $49,200. The primary breakout zone is presently around $49,500. A clear break above the $49,500 resistance level could boost market optimism for a break above $50,000. The bulls' next significant resistance level could be around $51,200.

The first significant support is close to $47,500. It is close to the 50% Fib retracement level of the upward movement from the $45,600 swing low to the $45,599 high. A break below $47,500 on the downside might take the price towards the $46,500 support, from which it could target $45,500. All the best!

Gold’s Daily Price Analysis

Gold prices were closed at $1791.05 after setting a high of $1800.85 and a low of $1785.20. On Tuesday, gold extended its losses and fell for the second session in a row, owing to higher US Treasury yields and improved risk sentiment in the market.

Treasury yields in the United States rose on Tuesday as market participants focused on positive economic conditions and discounted inflation fears at a 20-year bond auction. The US Treasury yield on the benchmark 10-year note rose for another day and reached 1.49%, weighing on gold as it increased the opportunity cost of holding non-interest-bearing precious metals.

On the other hand, the US Dollar Index was low on Tuesday as it continued its decline for the second session and reached as low as 96.34. The US dollar might also be getting weaker amid the prevailing risk appetite in the market, which countered the concerns about the rapidly spreading Omicron variant. On Tuesday, countries across Europe started imposing more restrictions on movement to stop the spread of the Omicron variant. Whereas, US President Joe Biden also appealed to all Americans to get vaccinated to fight the Omicron variant, which was spreading across the whole world days before the second Christmas of the pandemic.

The market's risk appetite returned after reports suggested that the US Food and Drug Administration was set to authorize COVID-19 treatment pills from both Pfizer and Merk as early as Wednesday. The news about the approval of Paxlovid (Pfizer) and Molnupiravir (Merk) pills by the FDA raised optimism in the market that it would help fight the Omicron variant, and hence, the risk-on market sentiment emerged, which ultimately had a negative impact on gold prices.

Furthermore, the risk sentiment was also pushed up by the statement from Moderna that a booster shot of its COVID-19 vaccine appeared to be protective against the rapidly spreading Omicron in its laboratory testing. Moderna emphasized that the current version of the shot would continue to be its first line of defense against Omicron. These Moderna comments increased risk appetite and weighed on safe-haven assets such as precious metal gold.

At 18:30 GMT, the current account balance of the US dropped to -215B against a projected -206B and weighed on the US dollar, which limited the decline in gold prices on Tuesday. No more data was released from the US side on the day, which kept the greenback under consolidation.

GOLD Intraday Technical Level

Support Resistance

1783.89 1799.54

1776.72 1808.02

1768.24 1815.19

Pivot Point: 1792.37

GOLD - Technical Outlook

Gold is gaining support at the 1,784 level, dropping from 1,791 pivot point level. On the 4-hour timeframe, gold has closed a Doji candle supporting weakness in the bullish bias. Therefore, the closing of candles under the 1,791 pivot point keeps gold under pressure. On the resistance side, gold’s major hurdle stays at 1,791, and above this, prices will be exposed towards the next resistance level of 1,797 and 1,806. Further on the higher side, the resistance stays at 1,813.

Gold’s immediate support stays at 1,784 levels. At the same time, a break below the 1,784 support might expose the gold price down to 1,775 or 1,766 level. The RSI and Stoch are signaling a downtrend in gold. All the best!

Daily Price Outlook

The EUR/USD closed at $1.1283 after hitting a high of $1.1303 and a low of $1.1260. The EUR/USD pair surged for another session on Tuesday amid the US dollar’s weakness as well as the prevailing risk-on market sentiment. The US Dollar Index, which measures the greenback’s value against the basket of six major currencies, fell to 96.34 and weighed on the US dollar, ultimately pushing the currency pair EUR/USD to the upside. Meanwhile, the single currency was also high onboard amid the return of risk appetite in the market.

The fears related to the Omicron variant and its impact on global economic recovery eased on Tuesday after the US Food and Drug Administration decided to authorize the COVID-19 treatment pills by Pfizer and Merk. Both companies have successfully developed pills to cure the coronavirus with Paxlovid from Pfizer and Molunpirvir from Merk, raising optimism in the market that these pills will provide some protection against the deadly Omicron variant.

Furthermore, another famous pharmaceutical company, Moderna, said that its currently available vaccine could provide significant protection against the Omicron variant of coronavirus with a booster shot, as per their laboratory tests. This news added the risk-on market sentiment and pushed the riskier currency pair EUR/USD further to the upside on Tuesday.

At 12:00 GMT, the German GfK Consumer Climate dropped to -6.8 against the projected-2.6, weighed on the Euro, and capitulated further gains in EUR/USD. At 19:57 GMT, consumer confidence in Europe remained flat, with an expectation of -8. From the US side, at 18:30 GMT, the current account from the US showed a deficit of 215B against the forecasted 260B and weighed on the US dollar, which pushed EUR/USD further to the upside.

Meanwhile, the gains in EUR/USD remained limited for Tuesday as the single currency euro was finding it hard to remain higher in the market due to the rising number of coronavirus cases all over Europe. Consumer confidence in Europe’s largest economy, Germany, was also lower in December, keeping the Euro under pressure.

Germany was facing the fifth wave of the coronavirus as the effects of the fourth wave had still not disappeared. The Christmas trade was also disturbed by the restrictions imposed around the country amid the Omicron variant. The Omicron variant could infect or re-infect the vaccinated and recovered COVID-19 people was increasing concern in the market. Evidence also suggested that the Omicron variant was spreading significantly faster than the Delta variant, and this was weighing on the single currency Euro, which kept the EUR/USD gains limited.

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

On Wednesday, the EUR/USD is trading at the 1.1268 level, gaining immediate support at the 1.1260 level. The direct currency pair’s immediate resistance stays at 1.1279 level, and the closing of candles below the mark adds a bearish pressure on it. A rise in buying pressure and break above 1.1279 resistance level exposes the pair towards 1.1300 or 1.1325 resistance levels.

Alternatively, the support levels continue to hold at 1.1250 and 1.1235. A bearish breakout increases the chances of a downtrend until the 1.1215 support zone. All the best!

Bitcoin Price Prediction

The BTC/USD closed at $48,923.0 after hitting a high of $49,352.0 and a low of $46,683.0. The BTC/USD pair rose for a second day on Tuesday, recouping some of its previous day's losses as market sentiment toward cryptocurrency improved.A cryptocurrency investment platform based in Vienna, Bitpanda, has launched its first exchange-traded cryptocurrency note, which will track the price of BTC and will be traded in euros. The investment platform, worth $4.1 billion, has said that it plans to add more Crypto ETC products in 2022. The Bitpanda Bitcoin ETC is physically backed by bitcoin and is listed on Deutsche Boerse'sXetra market.

Xetra has hosted ETPs from 21 Shares, ETC Group, and Wisdom Tree. However, the introduction of physical cryptocurrency-backed-ETPs has not favored the U.S. According to Bitpanda, issuing an entirely EU-based BTC ETC with the euro as its base currency will offer exposure to an alternative asset class. This news added to the positive sentiment in BTC/USD on Tuesday and pushed its prices higher.

Another factor contributing to the rise in BTC/USD prices could be China's cryptocurrency ban. Some experts think that Houbi completed its China exit last week, which might have slowed the selling pressure from Asia and pushed BTC/USD higher. China's cryptocurrency exchange Huobi said in September that it would retire all existing users in mainland China by the end of this year amid the tougher measures on crypto trading announced by China. As a result, the reduced selling pressure from Asia added upside pressure to BTC/USD.

Meanwhile, the U.S. dollar was also weak across the board, which ultimately added further upside pressure on the BTC/USD pair, as both share a negative correlation. The US Dollar Index, which gauges the greenback's value against a basket of six major currencies, fell to 96.34 after the risk-on sentiment emerged in the market. The optimism prompted by the news of corona virus pills' authorization by the U.S. FDA eased concerns about the Omicron variant. The pills from Pfizer and Merk will be used to treat corona virus and reduce its impact on the global economic recovery. All these reports had a negative impact on the safe-haven U.S. dollar and helped BTC/USD remain higher for the day.

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

Bitcoin price created a base and began a new upward trend over the $46,500 barrier. BTC accelerated its rise above the $47,500 mark and the 100 hourly simple moving average. The price rose so far that it burst through the $48,500 resistance level. A convincing rise over the 76.4 percent Fib retracement level of the crucial fall from the $48,289 swing high to the $45,600 low was observed. The bulls even drove the price above $49,000.

A high has been made near $49,600, and the price is presently showing several optimistic signs. For instance, on the hourly chart of the BTC/USD pair, a key ascending channel is building with support near $48,750. The significant initial support is close to $49,000. It is close to the 50% Fib retracement level of the upward advance from the swing low of $48,295 to the high of $49,600. A break below $49,000 might take the price towards the $48,500 support, below which it could test $48,800.All the best!

Gold’s Daily Price Analysis

Gold prices ended the day at $1792.20, with a high of $1804.60 and a low of $1789.05. After climbing for the previous two sessions, gold reversed course on Monday and fell. Despite a weakened US dollar, gold remained under pressure, owing mostly to higher US Treasury yields. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, dipped to 96.55 on Monday, while the US Treasury Yield on the benchmark 10-year note rose to 1.42 percent, making non-yielding metal more expensive for holders.

Concerns about the impact of the Omicron version and tougher COVID-19 regulations also weighed on global equities. The precious metal, on the other hand, went down as safe-haven inflows halted. Analysts concluded that gold's allure was fading as the holiday approached, and that traders were no longer totally engaged.

Fed Governor Christopher Waller hinted at a probable rate hike when the bond cutting ends in March 2022. This news increased risk appetite in the market and weighed on gold, as a rate hike by the US Federal Reserve would raise the opportunity cost of holding non-interest-bearing gold.

On the statistics front, the CB Leading Index rose to 1.1 percent at 20:00 GMT, exceeding the anticipated 0.9 percent, bolstering the US dollar and contributing to the precious metal's decline on Monday. On Monday, China's Foreign Minister, Wang Yi, detailed the country's diplomatic goals for the coming year. He stated that while Beijing supports mutually beneficial cooperation and healthy competition with the US, it is not afraid of confrontation.

According to Yi, China's position was constant and unambiguous. Cooperation should be reciprocal; dialogue should be equal. Competition should be beneficial rather than detrimental. He also stated that China is not frightened of conflict and will fight to the last end. While the phase-one trade agreement between the world's two largest economies was set to expire at the end of the year, China's comments provided conflicting perspectives on US-China relations. Both parties are involved in trade negotiations at various levels and on a regular basis.

According to China, the US supply side was interfering with China's ability to reach purchasing targets. Furthermore, in order to minimize the rising number of illnesses caused by the Omicron variety, a growing number of countries are decreasing the wait time for COVID-19 vaccination boosters from six months to as little as three. Evidence suggested that the Omicron variety was spreading quicker than its predecessor, Delta, prompting this reaction.

Some scientists, however, believe that administering booster shots too soon may jeopardize the amount of long-term vaccine protection. Many studies have shown that the first two vaccinations were insufficient to prevent infection from the Omicron variety, but a booster shot may be beneficial. Countries have also begun to give booster shots to their citizens in order to prevent the rapid spread of variations, despite the fact that booster doses must be administered after six months. This news could have lowered gold prices by raising risk appetite.

GOLD Intraday Technical Level

Support Resistance

1785.96 1801.51

1779.73 1810.83

1770.41 1817.06

Pivot Point: 1795.28

GOLD - Technical Outlook

On Tuesday, the yellow metal gold is gaining support at the 1,791 level. On the 4-hour timeframe, gold has closed a Doji candle supporting weakness in the selling bias. Therefore, the bounce-off is likely in gold prices today. On the resistance side, gold’s major hurdle stays at 1,795 (pivot point mark), and above this, prices will be exposed towards the next resistance level of 1,800 and 1,810.

Gold’s immediate support stays at 1,790 levels. At the same time, a break below the 1,790 barriers might expose the gold price down to 1,784 or 1,778 level. The RSI and Stoch are signaling a downtrend in gold. All the best!

Daily Price Outlook

The EUR/USD ended the day at $1.1275 after reaching a high of $1.1305 and a low of $1.1234.The EUR/USD pair surged on Monday and managed to recover half of its previous day’s losses amid the declining price of the US dollar. The DXY was low on Monday after it reached 96.55 levels, despite the looming Omicron variant fears and its impact on global economic recovery. It looks like traders were off to book profits while entering the holiday season with less participation from them.

At 14:00 GMT, the current account balance of the whole Eurozone dropped to 18.1B against the forecasted 20.3B and weighed on the single currency Euro, limiting the gains in the EUR/USD pair. From the US side, the CB Leading Index rose to 1.1%, against the predicted 0.9%, and supported the US dollar, capping further gains in the EUR/USD pair.

Furthermore, the single currency euro was moving higher on Monday and was the best performing G10 currency during the session, mainly because of the news that the European Union drug regulators gave the green light to a fifth COVID-19 vaccine for use in the 27th nation bloc. The European Medicines Agency decided to grant conditional marketing authorization for the vaccine for people aged 18 and over, developed by US biotech company Novavax.

The euro's strength was also aided by a reduction in risk-off market sentiment after countries around the world decided to reduce the wait time for a booster shot of vaccine from 6 months to as little as 3.This decision came after the Omicron variant started to spread rapidly and was more immune against COVID-19 vaccines than its predecessor, the Delta variant. The hope that the booster shot would provide a fair chance against the Omicron variant brought back risk appetite and supported riskier currency pairs like EUR/USD.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1237 1.1308

1.1200 1.1342

1.1167 1.1379

Pivot Point: 1.1271

EUR/USD - Technical Outlook

On Tuesday, the EUR/USD is trading at the 1.1279 level, gaining immediate support at the 1.1272 level. The direct currency pair’s immediate resistance stays at 1.1307 level, and the closing of candles below mark is adding a bearish pressure on it. A rise in buying pressure and break above 1.1307 resistance level exposes the pair towards 1.1340 or 1.1379 resistance levels.

Alternatively, the support levels continue to hold at 1.1240 and 1.1203. A bearish breakout increases the chances of a downtrend until the 1.1158 support zone. All the best!