Gold’s Daily Price Analysis

Gold prices ended the day at $1772.90, having reached a top of $1789.80 and a low of $1766.45. After climbing for the previous two days, gold reversed course and fell on Tuesday. Soaring yields and a stronger dollar hit on the precious metal as investors awaited signals from the Federal Reserve about how quickly it might be able to phase out economic support measures at its upcoming monetary policy meeting.

At this week's monetary policy meeting, Fed Chairman Jerome Powell's recent remarks have already been emphasised. The rate-setting committee will almost certainly declare that it would expedite the pace of lowering the bond-buying programme in order to complete it by March rather than June. This will assist the Fed in raising interest rates from around zero, where they have been since March 2020, when the coronavirus outbreak created a brief but severe recession.

Rising inflationary pressures have held the US dollar strong recently, but the latest CPI report showed that the Fed might not contemplate raising interest rates sooner because consumer prices did not rise sufficiently to warrant a rate hike. Inflation is expected to peak in March of next year, after the Fed has concluded its bond taper, making it difficult for officials to express a more patient course.

Meanwhile, inflationary pressures may have been exacerbated by the lingering supply chain concerns and rising labour shortages caused by the impact of the Omicron variation, which was causing less impact on the economy's growth than prior variants. On Tuesday, gold remained under pressure due to a strong US currency and increasing US Treasury yields on the benchmark 10-year note. As a result, the DXY continued to rise, reaching a high of 96.59 for the day. While the US Treasury yield regained some of its recent losses and reached 1.47 percent, non-interest-bearing gold fell.

The NFIB Small Business Index stayed steady at 16:00 GMT, with expectations of 98.4. At 18:30 GMT, the November PPI had risen to 0.8 percent from the expected 0.5 percent, bolstering the US dollar. The Core PPI increased to 0.7 percent in November, up from 0.4 percent projected, strengthening the US dollar. The stronger-than-expected macroeconomic statistics from the United States bolstered the greenback, dragging gold prices lower on Tuesday.

GOLD Intraday Technical Level

Support Resistance

1762.96 1786.31

1753.03 1799.73

1739.61 1809.66

Pivot Point: 1776.38

GOLD - Technical Outlook

Gold is trading at $1,770 per ounce on Wednesday, breaking through the upward trendline at $1,775 per ounce. Gold is likely to find immediate support on the 2-hour period at the 1,766 double bottom level. On the downside, this violation may expose the gold price to the 1,760 level. The RSI and Stoch RSI indicate a strong selling tendency, so it's worth taking a look for a bearish entry.

Alternatively, a break above 1,775 can initiate an uptrend till the next resistance level of 1,782 or 1,789. For more price action, keep an eye on the US FOMC and the Federal Funds Rate. All the best!

Daily Price Outlook

The EUR/USD was closed at $1.1257 after placing a high of $1.1327 and a low of $1.1253. EUR/USD dropped for the second consecutive session on Tuesday and extended its decline mainly because of the strength of the US dollar ahead of the Fed meeting. The US dollar was high on board and weakened its rival currencies like Euro as the monetary policy decision from the Fed meeting was coming closer.

On Wednesday, Fed will start its 2-day policy meeting in which officials will decide whether to increase the pace of reducing bond purchases. Market participants were betting that fed would move forward with accelerating the bond tapering pace to wrap up the process until March 2022. These hints had already been provided by Fed Chairman last week, and investors were behaving accordingly and taking positions in the market to benefit from the actual announcement.

These bets pushed the US dollar higher in the market at the 96.59 level while the US treasury yield on the benchmark 10-year note also increased and reached 1.47%, which supported the rising prices of the greenback and had a negative impact on EUR/USD. Meanwhile, the losses in EUR/USD were subdued as the positive news from the pandemic front came forth and helped risk currencies. Pfizer-BioNTech reported that two shots of its vaccine provide 70% protection against Omicron hospitalization and 33% protection against infection. The company also reported that its experimental COVID-19 pill, named Paxlovid, was also effective against Omicron. This optimism supported the market's risk appetite and capped further losses in the EUR/USD pair.

On the data front, at 15:00 GMT, industrial production from Europe dropped in October by 1.1% against the projected 1.2% and weighed on the Euro. That dragged EUR/USD further to the downside. At 16:00 GMT, the NFIB Small Business Index remained unchanged at 98.4. At 18:30 GMT, the PPI in November rose to 0.8% against the predicted 0.5% and supported the US dollar. The Core PPI also increased to 0.7% against the anticipated 0.4% in November and supported the US dollar. The strong US dollar then weighed on the prices of the currency pair EUR/USD.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1231 1.1305

1.1206 1.1352

1.1158 1.1378

Pivot Point: 1.1279

EUR/USD - Technical Outlook

The EUR/USD is trading at the 1.1269 level, gaining immediate support at 1.1253. The break below the 1.1253 level exposes the pair towards the next support level of the 1.1230 level. Further on the lower side, the next support stays at 1.1208 or 1.1162.

On the upper hand, the pivot point extends resistance at the 1.1278 level. The break above this level exposes the EUR/USD towards the 1.1303 or 1.1348 level. The RSI is holding in a neutral zone; therefore, the bearish correction dominates below the 1.1278 level. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $48,408.0 after placing a high of $48,6560 and a low of $46,356.20. Despite various negative developments surrounding its ecosystem, BTC/USD changed its course again and recovered some of its previous day losses.

According to the latest comments issued by the Bank of England, Bitcoin could be worthless, and people investing in cryptocurrencies should be prepared to lose everything. The central bank of Britain warned of the potential risk for investors and questioned whether there was any inherent value in the most prominent digital currency, which has soared to more than $50,000 this year.

The deputy governor of the BOE, Sir Jon Cunliffe, said that the price of a digital currency could vary quite considerably and could theoretically drop to zero. The bank also said that there was little direct threat to the stability of the UK’s financial system from crypto assets as the current pace of growth has connected these digital assets with the traditional financial services, which poses several risks to the system itself. The bank also suggested that institutions take a cautious approach while adopting crypto-assets and pay close attention to the developments in the market. This report from BOE added negative pressure on the value of BTC/USD and capped further gains in its value.

Meanwhile, the Russian Central Bank continued its strict policies regarding the cryptocurrency industry and officially banned mutual funds from investing in cryptocurrencies. The Bank of Russia released an official statement regulating investment opportunities by mutual investment funds. According to the document, the fund managers were prohibited from buying cryptocurrencies and financial assets whose values depend on the prices of cryptocurrencies.

The statement emphasized that since mutual funds cannot provide crypto exposure to either qualified or unqualified investors, This statement added negative pressure on the whole cryptocurrency market and weighed on the leading crypto asset BTC/USD on Tuesday.

However, the popular cryptocurrency Bitcoin managed to end the day with minor gains due to some positive developments. Reports from Europe suggested that German saving banks planned to allow their customers to invest in major digital currencies, including BTC and ETH, from their checking accounts.

Sparkssen, or savings banks in German-speaking countries, worked on a pilot project to launch an in-house cryptocurrency wallet and exchange next year. This project is subject to approval by Sparkasse committees early next year. According to the German Savings Banks Association, more and more consumers are interested in cryptocurrencies, especially if One in ten customers of the German Savings Banks stated that they owned cryptocurrencies. This news from Germany supported the price of BTC/USD on Tuesday.

BTC/USD Intraday Technical Levels

Support Resistance

44970.5 49403.2

43163.9 52029.3

40537.9 53835.9

Pivot Point: 47596.6

BTC/USD - Technical Outlook

Bitcoin's price has dropped to the $46,000 support level. BTC appears to be creating a base above $46,000 and $46,400. A low was set near $45,759 before the price began to rise. On the flip side, an immediate barrier is near the $48,100 mark. The first significant barrier held near the $48,250 level. The next significant resistance level could be $48,800. It is close to the 61.8 percent Fib retracement level of the negative move from the swing high of $50,785 to the low of $45,759

If bitcoin fails to break over the $48,880 barrier level, it may trend downward. There is immediate support near the $47,500 level on the lower side. The first significant support is already emerging near $47,000. The primary support is presently close to $46,000. A breach below the $46,000 support level may increase losses in the immediate term.

Gold’s Daily Price Analysis

Gold ended the day at $1786.25, having reached a high of $1792.05 and a low of $1782.35. Gold gained ground for the second day in a row as traders took positions ahead of this week's crucial central bank meetings. The central bank is anticipated to indicate the rate at which pandemic-era economic assistance measures would be phased out. Gold was finding support because no central bank was expected to raise interest rates this week. In addition to the Fed, the European Central Bank and the Bank of Japan will review their monetary policies this week.

The European Central Bank will half the volume of assets it purchases each April. Reduced monetary stimulus and interest rate hikes tend to raise government bond yields, increasing the potential cost of storing non-interest-bearing bullion.

On Monday, the US Treasury yield on the key 10-year note fell dramatically to as low as 1.41 percent, giving the yellow metal some support. The US Dollar Index rose to 96.44 on Monday, limiting further gains in gold. Gold was also benefiting from the previous week's high inflation data. Consumer prices in the United States climbed further in November as the cost of products and services surged substantially due to supply restrictions, resulting in the highest annual increase since 1982.

The World Health Organization reinforced its warning, saying that the Omicron coronavirus variety has been documented in more than 60 countries and constituted a very high worldwide risk, with some indication that it evades vaccine coverage. Nevertheless, clinical data on its severity is still few. However, the ambiguity surrounding Omicron and its possible hazard to the economic recovery due to its high immunity to vaccines heightened market concerns and elevated gold's safe-haven appeal.

GOLD Intraday Technical Level

Support Resistance

1782.74 1793.34

1777.17 1798.37

1772.14 1803.94

Pivot Point: 1787.77

GOLD - Technical Outlook

Gold is trading at $1,786, surging from the $1,782 support level. Gold has violated the pivot point resistance level at the $1,782 mark and is now trading above the same level. The pivot point level is acting as a support and has the potential to keep gold bullish.

On the higher side, gold’s significant resistance stays at the 1,791 level, and an upward breakout of 1,791 exposes the metal towards 1,800 or 1,810 levels. On the lower side, the break below the 1,780 mark reveals the precious metal’s downtrend until 1,772 or 1,761 level. Good luck!

Daily Price Outlook

The EUR/USD ended the day at $1.1283 after reaching a high of $1.1321 and a low of $1.1259. The EUR/USD declined on Monday and lost all of its previous session's gains amid the strength of the greenback and the fresh Omicron variant risks. The Euro was under pressure as the likelihood of the EU becoming the epicentre of the new COVD variation, Omicron, grew.

According to the European Center for Disease Prevention and Control, the new strain found at the end of November has already been detected in 70 countries, with at least 6430 confirmed cases worldwide. Because European countries were among the first to record cases, the variation is dominant throughout Europe.

Meanwhile, the World Health Organization also updated its warning against the Omicron variant and said that the new variant posed a very high global risk because of some evidence that it evades vaccine protection. According to WHO, preliminary evidence is that the number of people getting reinfected with the virus has increased in South Africa. However, considerable uncertainties remain surrounding the Omicron variant, and its mutation might lead to higher transmissibility and more coronavirus cases. The warning from WHO added further pressure on the market's risk sentiment and weighed on riskier currencies like the Euro, which ultimately dragged down the EUR/USD pair.

The US Dollar Index rose on Monday and reached a 96.44 level. The dollar's strength could be attributed to the fact that investors had started taking positions before the Fed monetary policy meeting this week. Although there were no expectations about interest rate hikes from the Fed or any other central bank this week, the focus of traders shifted towards the meeting, and, hence, the greenback gained strength.

There were no macroeconomic figures to be released from the US on Monday on the data front. At 12:00 GMT, the German WPI remained flat with an expected 1.3%. At 14:00 GMT, the Italian Quarterly Unemployment Rate dropped to 9.2%, against the expected 9.4%, and supported the Euro, which capped further losses in the EUR/USD pair.

Additionally, European traders kept a close eye on the upcoming ECB monetary policy meeting this week. The ECB is expected to cut its asset purchases by half this week, and this thing has also been supporting the Euro, which kept the losses in EUR/USD limited for the day.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1255 1.1317

1.1227 1.1349

1.1194 1.1378

Pivot Point: 1.1288

EUR/USD - Technical Outlook

The EUR/USD is trading choppy in a tight trading range of 1.1288 – 1.1265. It’s currently trading at 1.1279, having dropped below the pivot point support level of 1.1288 level. The formation of hourly candles below this level supports a selling bias in the EUR/USD. On the downside, the EUR/USD pair is heading lower towards the 1.1260 support level. The breakout of the 1.1260 level can extend a selling bias until 1.1228 and 1.1198 levels.

On the other hand, the breakout of the 1.1316 level exposes the EUR/USD towards 1.1347 and the 1.1375 level. The RSI is holding in a neutral zone; therefore, the bearish correction dominates below the 1.1288 level. All the best!

Bitcoin Price Prediction

The BTC/USD pair closed at $46,777.0 after hitting a high of $50,222.70 and a low of $45,790.0. The BTC/USD pair reversed course on Monday and turned red for the day, mainly because of the latest comments from Elon Musk. Tesla CEO Elon Musk, who has been named Time Magazine's Person of the Year, has said that BTC was suitable as a store of value, but the meme-cryptocurrency dogecoin was more suitable for transactions. He added that even though it was created as a silly joke, the meme-coin was better suited for transactions.

According to the CEO of Time, Edward Felsenthal, for nearly a century, Time has named a Person of the Year, the individual or group who most shaped the previous 12 months for better or for worse. Person of the Year is a measure of influence, and few people have had more influence on life on Earth, and potentially on life beyond Earth, than Musk.

Elon Musk said that he has a better understanding of the money system as he played a significant role in creating Paypal and suggested that bitcoin was unsuitable for payments. He further said that the transaction volume of bitcoin was low, and the cost per transaction was high. He pointed out that, fundamentally, BTC was not a good substitute for transactional currency. Musk's comments exacerbated the negative perception of the leading cryptocurrency, and BTC/USD fell on Monday.

Meanwhile, the digital asset bitcoin also faced negative pressure after the Twitter account of Indian PM Narendra Modi was compromised and taken over by hackers to promote a fake Bitcoin giveaway. Using Modi's account, the perpetrator tweeted that the country has adopted Bitcoin as a legal tender. The account has over 72.4 million followers, and many people started sharing screenshots of the tweet.

According to the fake tweet posted by the hacker, India has officially accepted Bitcoin as legal tender, and the government has bought 500 BTC and aims to distribute the coins to all residents in the country. Indian government officials soon removed this tweet as the account was secured.

The Indian government is considering regulating digital assets, while a complete ban on the new asset has been debated. Hackers' news of fake bitcoin giveaways added a negative impression on the cryptocurrency and dragged BTC/USD to the downside.

Furthermore, the strength of the US dollar also added selling pressure on BTC/USD. The DXY was strong across the board as it moved to a 96.44 level ahead of the release of the monetary policy meeting from the Fed.

BTC/USD Intraday Technical Levels

Support Resistance

44970.5 49403.2

43163.9 52029.3

40537.9 53835.9

Pivot Point: 47596.6

BTC/USD - Technical Outlook

Bitcoin's price has failed to remain just above the $50,000 support level. As a result, BTC saw a significant negative reaction and fell underneath the $50,000 pivot mark. A bottom near $45,759 was formed, and the price is gradually correcting losses. Bitcoin is currently trading near the 23.6 percent Fib retracement level of the decline from the swing high of $50,788 to the low of $45,759 in price. A primary barrier is near the $47,400 level on the higher side.

If bitcoin fails to break through the $48,250 resistance mark, it may continue to drop. There is immediate support near the $46,500 level on the lower side. The first significant support is already emerging near $46,000. If the price falls below the $46,000 support, it may move towards the $45,500. Any additional dip could push the price down to the $45,000 support level in the short term.

Gold’s Daily Price Analysis

Gold prices ended the day at $1776.70, with a high of $1788.40 and a low of $1773.30. After climbing in the previous two sessions, gold reversed course on Thursday. The decline in precious metals prices could be related to the strengthening of the US dollar as speculators took positions ahead of the US inflation data this week.

The US Treasury Yield on the benchmark 10-year note lost its three-day bullish trend on Thursday, falling to 1.47 percent. The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, regained all of its prior daily losses and rose to 96.34.

Traders were anticipating the release of the US Consumer Price Index report since it will have a direct impact on the Federal Reserve's monetary policy. Analysts predict that higher inflation figures will benefit gold and push its price closer to $1800, but low inflation figures will have a negative impact on gold.

The market's decreasing movement signalled that most traders expected inflation statistics to fall this month. However, one must not overlook the other variables influencing gold prices, such as concerns over the Omicron variant and future geopolitical tensions.

Uncertainties prevailed in the market as a result of the Omicron variation, rising tensions between Russia and the US, Western nations' diplomatic boycott of the Beijing Olympics, and US sanctions against Iran. Because of the precious metal's safe-haven status, these persisting difficulties provided support, limiting the day's slide in gold.

On the data front, at 18:30 GMT, Unemployment Claims from the previous week fell to 184K, versus an anticipated 218K, supporting the US dollar. At 20:00 GMT, the Final Wholesale Inventories jumped to 2.3 percent, versus the expected 2.2 percent, and the US dollar was weighted. Last week's good jobless claims report bolstered the US dollar and contributed to gold's downward trend.

The market's attention has switched to the release of the US CPI report on Friday, which will provide indications about the Federal Reserve's impending monetary policy. Ahead of this report, the cautious behaviour of investors also kept the gold market lower on Thursday.

GOLD Intraday Technical Level

Support Resistance

1778.41 1792.51

1772.23 1800.43

1764.31 1806.61

Pivot Point: 1786.33

GOLD - Technical Outlook

The XAU/USD is currently trading at $1,777, having fallen below the $1,782 support level. The precious metal has breached an upward trendline support at 1,782 mark on the 2-hour period. The closure of candles below this level creates further leeway for selling until next support mark of 1,774. trendline, which supports gold's rise.

The 50-day exponential moving average at 1,780 represents a significant barrier for the precious metal. A surge in selling pressure below 1,780 might trigger a downward slope until 1,774 or 1,770. Conversely, a break beneath 1,774 would allow for more selling till the 1,762 level. All the best!

Daily Price Outlook

The EUR/USD pair achieved an intraday high of 1.1345 and is holding close to that level as the Asian trading session begins. Despite a negative market mood and increased US government bond yields, the shared currency recovered against the greenback. The US dollar is falling across the board, though the losses are unequal. The EUR and AUD are the top-performing currencies, while the GBP is the worst.

Speculative interest is not focused on US government bond yields, which have reached new weekly highs. Concerns about inflation may have been eclipsed in part by US Federal Reserve Chair Jerome Powell's statement that policymakers would examine speeding up tapering at their December meeting. Meanwhile, the 10-year Treasury note yield is 1.52 percent, and US indexes are neutral, remaining close to their opening levels.

The EU did not provide any important macroeconomic data, however, the US announced MBA Mortgage Applications for the week ending December 3, up 2% from the previous month. The country also released the October JOLTS Job Openings report, which revealed that job openings grew to 11.0 million on the last business day of October, while hires remained stable at 6.5 million and total separations fell to 5.9 million. Germany will announce the October Trade Balance on Thursday, while the United States will post Initial Jobless Claims for the week ending December 3.

European stock markets fell Friday, reversing some of the week's gains as investors assessed the implications of the Omicron Covid variant and dismal UK GDP figures before critical US inflation data release. At 3:40 a.m. ET (0840 GMT), the DAX in Germany was down 0.4 percent, the CAC 40 in France was down 0.5 percent, and the FTSE 100 in the United Kingdom was down 0.2 percent.

According to data released earlier Friday, the United Kingdom's economy barely grew in October, even before the introduction of the Omicron coronavirus type. Gross domestic product increased by only 0.1 percent, falling short of the predicted 0.4 percent increase and decreasing considerably from monthly growth of 0.6 percent in September.

This meant that the economy remained 0.5 percent smaller than it was in February 2020, shortly before the initial Covid-19 lockdown, and additional improvements are expected to be difficult to achieve given the current restrictions imposed to combat the virus. The figures did little to affect the market's conviction that the recent spread of Omicron will delay the Bank of England's rate hike until the new year.

The main European indices, along with most global stock markets, have gained ground this week, aided by research indicating that the Omicron variant of the Covid-19 virus causes less severe reactions in patients than prior versions. Incorporate news, Daimler (OTC:DDAIF) Truck shares traded on the Frankfurt Stock Exchange for the first time on Friday, at 28 euros per share, following the commercial vehicle maker's separation.

EUR/USD Intraday Technical Levels

Support Resistance

1.1265 1.1332

1.1238 1.1372

1.1198 1.1399

Pivot Point: 1.1305

EUR/USD - Technical Outlook

The EUR/USD is trading at 1.1280 having dropped below the pivot point support level of 1.1305 level. Closing of candles under this level supports a selling bias in the EUR/USD. On the downside, the EUR/USD pair is heading lower towards 1.1265 support. The next support levels prevail at 1.1283 and 1.1198 levels.

On the other hand, the breakout of the 1.1305 level exposes the EUR/USD towards 1.1332 and the 1.1375 level. The RSI is holding in a selling zone, therefore, the bearish correction dominates below the 1.1305 level. All the best!

Bitcoin Price Prediction

Bitcoin fell for the first time in five trading sessions, with losses escalating after failing to maintain the upward momentum observed following the flash crash over the weekend. The largest digital token fell below $50,000, with losses extending in New York afternoon trading. As of 4:06 p.m., Bitcoin was down 6% to $47,602, while other digital assets were also down. Smaller coins, such as Monero and EOS, were particularly heavily hit. On a technical level, some analysts believe Bitcoin is stuck in a no-land man's between different moving averages. The coin could be forming a head-and-shoulders pattern, which would indicate a negative trend.

Meanwhile, Democratic lawmaker Alexandria Ocasio-Cortez said that she avoids any investments that could represent a conflict of interest, including crypto, and suggested her fellow lawmakers do the same. She elaborated that as a member of the House of Representatives Financial Services Committee, she felt that it was inappropriate for her to hold BTC or other digital assets because lawmakers have access to sensitive information and upcoming policy. She believes that doing so will only serve to keep her impartial in policymaking because she desires to do her job as ethically and impartially as possible.

Moreover, on Wednesday, chief executives of large cryptocurrency firms appeared before Congress to testify and provide information about their products and services as lawmakers struggled to bring the market within public policy and regulatory frameworks. This would improve lawmakers' understanding of the cryptocurrency industry and allow them to enact necessary regulations, which would have a negative impact on the entire industry, causing BTC to drop in value on Wednesday.

On the other hand, on Wednesday, Foundry Digital, a mining pool in the USA, became the top bitcoin miner as it launched a bitcoin mining rig marketplace called Foundryx. The company claimed that it had access to more than 40,000 mining machines ready for sale. The company has become the world's largest bitcoin miner in terms of hash rate. This news kept the losses in BTC/USD limited for the session.

Additionally, the third-largest holder of Bitcoin, Mystery Bitcoin Whale, added more than $150 million worth of BTC to their holdings following the latest price decline. A report from blockchain monitoring service BitInfoCharts suggested that an anonymous investor now holds close to $6 billion worth of BTC.

BTC/USD Intraday Technical Levels

Support Resistance

49834.4 51701.4

49034.7 52768.7

47967.4 53568.4

Pivot Point: 50901.7

BTC/USD - Technical Outlook

Bitcoin's price began a new drop from the $52,000 resistance level. BTC fell underneath the 100 hourly simple moving average after breaching the $49,000 support level. There was also a decline below $48,000, although the bulls were persistent near the $47,300 level. A bottom has been set near $47,298 and the price is presently correcting. The price rose just above $48,000 resistance level.

Bitcoin surpassed the 23.6 percent Fib retracement level of the decline from the $51,955 swing high to the $47,298 low. The price is currently trading below $49,500 as well as the 100 hourly simple moving average. On the upside, an immediate barrier is around the $49,000 mark. The next significant obstacle is located near the $49,500 level. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $49,900.

Gold’s Daily Price Analysis

Gold prices ended the day at $1784.60, with a high of $1794.25 and a low of $1789.15. Gold prices fell on Wednesday, owing primarily to higher US Treasury yields. Investors were wary about making big bids ahead of the US inflation report anticipated on Friday, which would cap precious metals' drop. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, fell to 95.85, weighing on the greenback and exacerbating the decline in gold prices. In contrast, US Treasury yields on the benchmark 10-year note resumed their optimistic climb and rose to 1.53 percent. That had a negative impact on gold and brought its prices even lower.

Pfizer and BioNTech presented a study from their laboratory experiments indicating that a booster shot of their coronavirus vaccine provides considerable protection against the rapidly spreading Omicron strain. This announcement increased market optimism about vaccine efficacy against Omicron and lessened fears of lockdowns, putting some pressure on safe-haven gold on Wednesday.

However, the current travel limitations, mostly in Europe due to the rising number of cases, provided some support to the yellow metal's decreasing values. Switzerland was dealing with a new high number of coronavirus infections, the United Kingdom reported roughly 51,343 new cases, and France saw an increase in COVID hospitalization.

Consumer credit fell to 16.9 billion at 01:00 GMT, falling short of the anticipated 24.9 billion, weighing on the US dollar on the data side. The JOLTS job openings increased to 11.03 million at 20:00 GMT, up from 10.45 million expected, supporting the US dollar. The macroeconomic data from the United States came in mixed on Wednesday, causing the US dollar to weaken, limiting the fall in gold prices.

Gold investors were looking forward to the release of US Consumer Price Index data on Friday, as it could impact the Fed's timeframe for withdrawing economic support before the next policy meeting on December 14 and 15. On Wednesday, decreasing gold prices could be attributed to rising Treasury yields as a result of bets on less stimulus and interest rate hikes, which tend to drive government bond yields higher and boost the opportunity associated with holding non-interest-bearing gold.

GOLD Intraday Technical Level

Support Resistance

1778.41 1792.51

1772.23 1800.43

1764.31 1806.61

Pivot Point: 1786.33

GOLD - Technical Outlook

Gold is currently trading at $1,783, rebounding from the 1,782 support level. On the 2-hour timeframe, the precious metal has created an upward trendline, indicating that gold is in an uptrend.

The 50-day exponential moving average supports the metal at a level of 1,782. A surge in demand over the 1,782 level can propel the market higher until it reaches 1,792 or 1,799. Conversely, a break beneath 1,782 allows for additional selling till the 1,774 level. All the best!