Gold’s Daily Price Analysis

Gold prices ended the day at $1791.15, having reached a high of $181.25 and a low of $1785.95. Following the emergence of risk sentiment in the market, gold reversed course and fell dramatically to its 14-day low on Thursday.

Treasury rates on benchmark 10-year notes in the United States rose for the fourth session, reaching 1.75 percent, their highest level since April 2021. The dollar index, which measures the value of the US currency against a basket of six major currencies, gained and turned green on Thursday, reaching 96.39.

The release of the Federal Reserve's December meeting minutes was the catalyst for the strong currency and higher rates. The minutes indicated that Fed officials discussed raising interest rates to manage the escalating inflationary threats. According to Fed officials, the tight labour market may drive the Fed to raise interest rates sooner than planned and reduce the bank's overall asset holdings in order to contain growing inflation.

The minutes issued by the Federal Reserve on Thursday confirmed market predictions that the Fed will raise interest rates to manage increasing inflation, which is expanding at its fastest rate in 40 years in the United States. This raised the opportunity cost of storing bullion while also pushing treasury yields and the dollar higher. As a result, gold dropped from its main support level of $1800 on Thursday, losing more than 2% in a single day.

On the statistical front, at 17:30 GMT, the Challenger Job Cuts fell to -75.3 percent from -77.0 percent previously. At 18:30 GMT, unemployment claims from the previous week had risen to 207,000, exceeding the anticipated 199,000, weighing on the dollar. The trade balance recorded a deficit of -80.2 billion, which was expected. At 20:00 GMT, the ISM Services PMI fell to 62.0 from 67.0 expected, weighing on the US dollar. The dollar was strengthened by a 1.6 percent gain in industrial orders, versus the projected 1.5 percent increase. On Thursday, the majority of US data was unfavourable, which restrained gold price losses for the day.

Gold losses were also limited by the World Health Organization's recent warning, which stated that the number of coronavirus cases worldwide was fast increasing. Tedros Adhanom Ghebreyesus, the chairman of WHO, stated that the Omicron variety causes less severe disease than the globally dominant Delta strain, but it should not be classified as mild. Authorities around the world were increasing restrictions as the Omicron variety continued to increase coronavirus cases worldwide.

GOLD Intraday Technical Level

Support Resistance

1780.09 1806.29

1770.82 1821.42

1755.69 1831.59

Pivot Point: 1796.12

GOLD - Technical Outlook

Gold is trading with a bearish bias at the 1,790 level, having disrupted the support level of 1,796. An intraday pivot point level extended this support level, and now it's working as a resistance. Below this, the precious metal gold may find immediate support at 1,786, and violation of this exposes the metal towards 1,780 or 1,771 support levels. On the bullish side, the resistance stays at 1,796, and a crossover above this level exposes the metal price towards 1,806 or 1,821 level. The RSI and Stoch RSI are holding a buying zone. However, the bearish bias dominates below 1,796 and vice versa. All the best!

Daily Price Outlook

The ETH/USD closed at $3407.21 after reaching a high of $3550.42 and a low of $3306.91. ETH/USD dropped further on Thursday and reached its lowest level since October 2021 amid the prevailing negative market mood. Big cryptos like Ethereum and Bitcoin suffered on Thursday after the US Federal Reserve released its December policy minutes, which revealed that the Fed has decided to raise interest rates sooner than earlier expected to mitigate the effects of high inflation.

Cryptocurrencies have been gaining much attention lately amid the rising inflation all over the globe. It has even pushed El Salvador to make bitcoin its legal tender. However, the news that the central bank of the leading economy in the world will take steps to control rising inflation sooner than anticipated had a negative impression on cryptocurrencies like BTC and ETH.

On the other hand, most countries were looking for ways to regulate the whole crypto industry as it posed a threat to fiat currencies and the risks associated with the industry. Moreover, the increasing rate of cybercrimes involving cryptocurrencies and the high volatility of these digital assets calls for a regulatory body for the whole industry. It is also worth mentioning that the environmental threat these cryptocurrencies impose was another hot topic calling for regulatory help, and all these things were dragging down the leading digital assets like BTC and ETH.

On the other hand, the co-founder of Ethereum, Vitalik Buterin, has put forth a proposal titled "Multidimensional EIP-1559," which states that different resources in the Ethereum Virtual Machine have different demands in terms of gas usage. Buterin outlined a complicated proposed change with much technical math, but in a nutshell, the proposal offered two potential solutions using multidimensional pricing.

Recently, Ethereum is undergoing a significant upgrade that will end the proof-of-work consensus, and it remains to be seen whether this proposal will receive approval since the next major upgrade is the next major upgrade. However, this proposal failed to attract any bullish bets, and ETH/USD remained on the downside for the rest of Thursday.

Meanwhile, the recently released FOMC meeting minutes from the Federal Reserve added strength to the US dollar as they showed that the Fed would raise interest rates sooner than expected this year. As a result, the local currency gathered strength and started gaining bullish bets, which weighed on leading cryptocurrencies like BTC and ETH, as they negatively correlate with the US dollar.

ETH/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

3292.60 3536.11

3178.00 3665.02

3049.09 3779.62

Pivot Point: 3421.51

ETH/USD - Technical Outlook

Ethereum failed to break over the $3,850 resistance level, resulting in a significant drop. ETH fell below the $3,750 and $3,700 support levels, entering the bearish zone. On the hourly timeframe, there was a break below a major contracting triangle with support near $3,800. A closure below $3,600 occurred, as did a close below the 100 hourly simple moving average. The bears have even pushed the price below $3,500.

A low near $3,411 was formed, and the price is presently trying to rebound. The price of ether is currently trading below $3,550 and the 100 hourly simple moving average. The $3,500 threshold is an instant barrier. It's near 23.6 percent Fib retracement level of the decline from the $3,847 swing high to the $3,411 low. The next significant resistance is located near $3,630, close to the 50% Fib retracement level of the decline from the $3,847 swing high to the $3,411 low.

If Ethereum does not begin a new upward trend over $3,550, it may continue to fall. On the downside, an initial support level is near $3,420. The first major support is presently emerging near $3,400. A break below $3,400 might push the price towards the critical $3,320 support in the short term. The next significant support is around $3,200. All the best!

Bitcoin Price Prediction

The BTC/USD was closed at $43,111.0 after a high of $43,777.0 and a low of $42,487.0. BTC/USD continued its bearish rally for the fifth consecutive session and fell to extend its losses amid the negative developments surrounding the BTC/USD environment. The CEO of an asset management firm and financial advisory, Devere Group, has predicted three countries will adopt bitcoin as legal tender this year. He seemed to be more bullish than the president of El Salvador, who predicted that two countries would make bitcoin their national currency this year. He said that low-income countries have long suffered because their currencies are weak and highly vulnerable to market changes, which triggers rampant inflation. He said that countries like Panama, Guatemala, and Honduras could adopt bitcoin this year due to their reliance on remittances similar to El Salvador's.

Meanwhile, the mayor of New York City, Eric Adams, has recently confirmed that he will take his first three pay checks in the leading cryptocurrency, Bitcoin. Adams joined as Mayor of New York City at the beginning of this year and pledged to take his first three pay checks in BTC, just like he said before taking the position. This confirmation by Adams should have supported the bitcoin prices, but BTC/USD remained on the downside for Thursday.

Furthermore, the US National Defence Fellow, Jason Lowery, has argued that the proof of work consensus model of Bitcoin and replaces their reliance on military might for digital property and money. For example, Jason Lowery is an officer in the US Space Force, and a US National Defence Fellow enrolled at MIT, whose full-time job is to research Bitcoin for the US Department of Defence. His master's thesis aims to investigate how proof-of-work miners are functionally equivalent to militaries and might be used as a stand-in for war in terms of gaining global consensus on the present state and chain of liberty and digital property.

Moreover, the United Kingdom's Advertising Standards Authority (ASA) has approved an official ban on two mobile application advertisements from popular trading platform Crypto.com that promoted the ease of purchasing cryptocurrencies like BTC and earning yield rewards on digital assets. The agency stated that the advertisements breached several financial watchdog rules, including failing to effectively state the risk potential of the investment, abusing consumers' lack of market understanding, and not specifying the limitations of purchasing crypto with credit cards. This news had a negative impact on BTC/USD prices.

BTC/USD Intraday Technical Levels

Support Resistance

42473.0 43763.0

41835.0 44415.0

41183.0 45053.0

Pivot point: 43125.0

BTC/USD - Technical Outlook

During the Asian session, the BTC/USD fell sharply to trade at the 41,636 level, having violated the support levels of 42,285 and 40,955 levels. The closing of candles under the 42,965 support zone suggests a strong selling bias in Bitcoin. On the lower side, BTC/USD’s immediate support stays at the 40,955 level. Conversely, the BTC/USD’s immediate resistance stays at 41,636 and 42,285 levels. Further on the higher side, the next resistance stays at the 43,613 level. The RSI and Stoch RSI are holding under 50, supporting a selling bias in Bitcoin. Lastly, the downward trendline is supporting a selling bias in BTC/USD. Good luck!

Gold’s Daily Price Analysis

Gold finished the day at $1804.05, having reached a top of $1832.50 and a low of $1802.95. Gold prices began the New Year with a dramatic drop, giving up all of their previous two-session gains on Monday, despite surging markets and higher bond yields. On Monday, the 10-year US Treasury note yield jumped to 1.64 percent, its highest level since November 24, 2021.

Rising bond yields increased the potential cost of owning non-interest-paying precious metals, putting downward pressure on their prices. The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, was also quite high on Monday, reaching 96.33. The strengthening of the US dollar then contributed to the bearish pressure on gold, causing it to fall in price on Monday.

Gold declined the most in six weeks as traders braced for monetary policy tightening in 2022, owing to the strengthening of the dollar and higher yields. The rise in Treasury yields came as investors became more optimistic about the long-term prospects for the US economy, despite the persistent concerns posed by the Omicron strain of the coronavirus. Treasury rates in the United States increased by 12 basis points on Monday, the greatest one-day increase since 2009. It means that the Ten-Year Bond Yield had its greatest start to a year in more than a decade, which weighed significantly on gold prices because the two have a negative association. Raising anticipation of Federal Reserve rate hikes to combat inflation was another factor supporting the strength of rates and the greenback.

The Fed's December monetary policy meeting minutes are expected to be released. The minutes will reveal an accelerated timeline for the conclusion of the pandemic-era stimulus. The central bank has stated that interest rates may be raised three times in 2022. However, that will be contingent on sustaining inflation at 2% per year and employment at the desired level of roughly 4%, a measure of full employment. Reports of rate hikes always have a negative impact on gold prices; however, if inflation persists and remains robust throughout 2022, gold might return and potentially retrace 2020's record highs beyond $2100. On the data front, the final manufacturing PMI stayed unchanged at 57.7 at 19:45 GMT. At 20:00 GMT, construction spending in the United States fell by 0.4 percent in November, compared to the projected 0.8 percent, weighing on the US currency and causing gold prices to fall further on Monday.

GOLD Intraday Technical Level

Support Resistance

1790.76 1824.91

1777.48 1845.78

1756.61 1859.06

Pivot Point: 1811.63

GOLD - Technical Outlook

Gold is trading slightly bullish at 1,798, exhibiting a bullish correction after testing the 1,798 support zone. On the 4-hourly chart, the XAU/USD coin is facing immediate resistance at 1,810, which is being extended by an intraday pivot point level. The closing of candles below this resistance level suggests a downtrend in gold; on the lower side, the significant support stays at 1,798 and 1,789. A bullish break above 1,811 exposes the metal toward the 1,822 mark.

A break below the 1,798 level, on the other hand, exposes the XAU/USD to the 1,789 or 1,776 support zone. Further on the lower side, the next support level prevails at the 1,755 level. Bearish bias seems to dominate below 1,810 and vice versa. All the best!

Daily Price Outlook

The EUR/USD pair ended the day at $1.1294 after reaching a high of $1.1381 and a low of $1.1279. The EUR/USD pair turned its momentum to the downside as it entered the New Year, mainly because of the strong US dollar. The US Dollar Index, which measures the greenback's value against a basket of six major currencies, hit a high of 96.33 on Monday. Meanwhile, the US Treasury yield on the benchmark 10-year note was also high as it reached 1.64% after surging by 12 basis points on a single day.

US government bond yields posted massive gains on Monday as investors braced for this year's rate hikes. The Fed has revealed that it wants to raise interest rates three times this year if inflation behaves accordingly, and the traders are optimistic as the year has started and the first rate hike was close. This pushed US yields to post their biggest first-day gain in over a decade and strengthened the dollar, negatively impacting the currency pair EUR/USD.

On the data front, at 13:15 GMT, the Spanish Manufacturing PMI remained flat at 56.2. At 13:45 GMT, the Italian Manufacturing PMI surged to 62.0, against the forecasted 61.6 and supported the euro. At 13:50 GMT, the French final manufacturing PMI surged to 55.6 against the forecasted 54.9 and supported the euro. At 13:55 GMT, the German Final Manufacturing PMI dropped to 57.4 from an estimated 57.9 and weighed on the euro. At 14:00 GMT, the final manufacturing PMI for the whole bloc remained flat at 58.0. Most data from Europe favoured the currency and strengthened the euro, which limited the decline in the EUR/USD pair.

From the US side, at 19:45 GMT, the final manufacturing PMI remained unchanged at 57.7. At 20:00 GMT, construction spending in the US declined in November by 0.4% against an estimated 0.8% and this weighed on the US dollar, which limited the declining prices of the currency pair EUR/USD. Furthermore, the US dollar was also gaining strength from its bets due to its safe-haven status.

According to WHO, the Omicron variant was highly contagious and was spreading quickly all over the globe, which has made the situation worse, and market participants were of the view that governments would have to impose restrictions that they were avoiding previously. This uncertainty exacerbated the risk-off market sentiment, allowing the US dollar to gain strength while weighing on the riskier Euro currency. Additionally, it seems like the greenback was the main driver behind EUR/USD's downward momentum on Monday. The greenback was also getting support from the market as investors were waiting for December's FOMC meeting minutes, which will be released this week.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1318 1.1401

1.1269 1.1435

1.1235 1.1484

Pivot Point: 1.1350

EUR/USD - Technical Outlook

The EUR/USD bounced off above the strong support level of 1.1279 and now it’s trading at 1.1302. On the bullish side, the EUR/USD pair’s immediate resistance stays at 1.1317, which is extended by an intraday pivot point level. Further on the higher side, the EUR/USD’s next resistance stays at the 1.1356 or 1.1378 level. The support level holds at around 1.1297 and a break below this level exposes the EUR/USD towards the 1.1257 or 1.1159 support zones. The RSI and Stoch RSI are in support of a selling trend. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $46,445.0, having reached a high of $47,578.0 and a low of $45,701. The BTC/USD pair dropped for another session on Monday and extended its loss, mainly because of the strong dollar. Last month, the Twitter account of Indian Prime Minister Narendra Modi was hacked and was used to make posts about a bitcoin giveaway scam. On Sunday, a similar event took place in which the Twitter accounts of the Indian Medical Association (IMA), the Indian Council of World Affairs (ICWA), and Mann Deshi Mahila Bank were also hacked.

The perpetrators changed the name and profile picture of the IMA account to that of Tesla's CEO, Elon Musk, and posted many tweets promoting cryptocurrencies. The issue was solved quickly, but these accounts' malicious tweets remained visible on Twitter. The increased number of cyber-crimes and crypto involvement in these crimes added negative pressure on BTC/USD, which ultimately dragged the leading crypto to the downside in the early days of the New Year.

Furthermore, the BTC/USD declined on Monday amid the rising strength of the US dollar. The greenback was strengthening due to rising expectations of Federal Reserve rate hikes this year. These expectations pushed US Treasury yields up to 1.64% and the DXY to 96.33. The strength of the US dollar then weighed on the leading cryptocurrency, Bitcoin, as both share a negative correlation.

On the other hand, the co-founder and managing partner at Nexo, Antoni Trenchev, has said that bitcoin could see further upside and surge as high as $100,000 by the middle of 2022. Nexo claims to be the world's largest lending institution in the digital finance industry and has issued more than $6 billion in credit and manages assets for more than 2.5 million users globally. This prediction by the Nexo leader added some positive momentum in the BTC/USD ecosystem, which, however, failed to reverse the bearish momentum on Monday.

BTC/USD Intraday Technical Levels

Support Resistance

45571.4 47448.4

44697.7 48451.7

43694.4 49325.4

Pivot Point: 46574.7

BTC/USD - Technical Outlook

Bitcoin's price failed to get above $48,000 and began a new drop. BTC dropped underneath the $47,500 and $47,200 support levels, moving into a bearish zone. The price has even fallen below $46,500 and the 100 hourly simple moving average. A bottom near $45,707 was formed, and the price is now holding losses. It tested the recent slide's 23.6 percent Fib retracement level from the swing high of $47,950 to the low of $45,707.

If bitcoin does not return over $47,000, it may continue to fall. An immediate support level is around $46,000; the first significant support is close to $45,800. A break below $45,800 on the downside might push the price much lower. In the aforementioned scenario, the price may fall toward the $43,500 mark in the next few sessions. All the best!

Gold’s Daily Price Analysis

Gold prices remained stable on Monday as increased US Treasury yields countered safe-haven purchasing due to an Omicron-driven increase in COVID-19 infections worldwide. By 0058 GMT, spot gold was mainly constant at $1,830.09 per ounce after touching a more than one-month high of $1,831.49 earlier in the day.

The Omicron coronavirus variety hampered New Year's Eve celebrations worldwide, with Paris cancelling its fireworks display, London relegating its television, and New York City reducing its famed Times Square ball drop event. The Omicron coronavirus variety hampered New Year's Eve celebrations worldwide, with Paris cancelling its fireworks display, London relegating its television, and New York City reducing its famed Times Square ball drop event.

A year ago, a newly available vaccination offered hope that the COVID-19 pandemic could be contained by the beginning of 2022. Instead, the unexpected introduction of Omicron has led to an increase in coronavirus cases worldwide. According to Reuters data, worldwide infections reached a seven-day high, with an average of just over a million cases recorded every day between Dec. 24 and Dec. 30, up 100,000 from the previous peak on Wednesday.

On the other hand, deaths have not increased in proportion, raising hopes that the new variety is less dangerous. New York City claimed a historic 44,000 infections on Wednesday and another 43,000 on Thursday, prompting some critics to wonder whether the festivities should even take place.

At midnight, the lit ball composed of Waterford crystal panels descended its pole in Times Square, although only 15,000 viewers were allowed into the official viewing area, less than the normal 58,000. On Sunday, over 4,000 flights were cancelled around the world, with more than half of them being in the United States, adding to the toll of holiday week travel difficulties caused by bad weather and a surge in coronavirus cases caused by the Omicron variant.

According to flight-tracking website FlightAware.com, nearly 2,400 flights entering, departing from, or within the United States had been cancelled by 8 p.m. GMT on Sunday. Over 11,200 flights were delayed worldwide. The Christmas and New Year's holidays are traditionally busiest for air travel, but the quick spread of the highly transmissible Omicron form has resulted in a dramatic surge in COVID-19 infections, prompting airlines to cancel flights while pilots and cabin personnel are quarantined.

GOLD Intraday Technical Level

Support Resistance

1818.84 1834.74

1808.57 1840.37

1802.94 1850.64

Pivot Point: 1824.47

GOLD - Technical Outlook

Gold is trading sharply bullish at 1,824, exhibiting a bearish correction after testing the 1,830 resistance. On the 4-hourly chart, the XAU/USD coin is gaining immediate support at 1,824, which is being extended by an intraday pivot point level. The closing of candles above this supports an uptrend in gold; on the higher side, the significant resistance stays at 1,834 and 1,840. A bullish break above this exposes the metal toward the 1,850 mark.

Conversely, the break below the 1,824 level of 1,824 exposes the XAU/USD toward the 1,818 or 1,808 support zone. Further on the lower side, the next support level prevails at the 1,802 level. Bullish bias seems to dominate over 1,824 and vice versa. All the best!

Daily Price Outlook

The EUR/USD has a sluggish start to 2022, down 0.25 percent intraday around 1.1345 on Monday morning. The currency pair had reached a seven-week high the day before, despite widespread US dollar weakness. However, the market's stabilization during the slow start to the year sparked a corrective fall in the quotation amid mixed worries.

The rising suspicions over the South African COVID version, Omicron, are the primary factors dragging on EUR/USD rates. Covid infections in the bloc and elsewhere are on the rise, casting doubt on the old continent's earlier recovery prospects. According to Reuters, "global infections touched a record high during the past seven days, with an average of a little over a million cases recorded every day between Dec. 24 and 30."

According to the news, "Over 4,000 flights were cancelled throughout the world on Sunday, with more than half of them being US flights, contributing to the toll of holiday week traveling disruptions due to severe weather and the rise in COVID-19 cases,".

The news that China's troubled real-estate giant Evergande has halted operations undermines market sentiment and boosts the US dollar's recovery. Furthermore, the Chinese government has directed the corporation to demolish 39 unauthorized residential constructions. According to Reuters, "China Evergrande Group shares will be stopped from trading on Monday pending the publication of "inside information."

On the plus side, news that Germany will announce tax relief for locals in 2023 combined with studies indicating Omicron as less harsh than prior COVID-19 variations put the EUR/USD bears on the defensive.

Above all, the monetary policy difference between the US Federal Reserve (Fed) and the European Central Bank (ECB) is the most important thing to watch in 2022, as the Fed is anticipated to be moving quicker than the ECB toward monetary policy tightening, which might weigh on EUR/USD values in the future.

Thus, the FOMC Meeting Minutes on Wednesday and the US Nonfarm Payrolls (NFP) on Friday will be critical for pair traders. The final results of the US Markit Manufacturing PMI for December could provide immediate guidance to markets for the day.

EUR/USD Intraday Technical Levels

Daily Technical Levels

Support Resistance

1.1318 1.1401

1.1269 1.1435

1.1235 1.1484

Pivot Point: 1.1350

EUR/USD - Technical Outlook

The EUR/USD is trading with a neutral bias at the 1.1342 level, maintaining a narrow trading range of 1.1300 – 1.1385. Since mid-November, the EUR/USD has taken a step back from the 50-day moving average and a horizontal area containing multiple resistances. Given the bullish MACD indications and the pair's impressive run-up beyond the 21-day moving average, EUR/USD buyers are expected to conquer the immediate hurdle of 1.1390. However, a downward sloping trend line from early September, which was at 1.1440 at the time of publication, will be crucial to watch for the bulls after that. On the other hand, pullback moves may aim for a 21-DMA retest, close to 1.1310 at the very least, before attempting an ascending support line from late November around 1.1250. All the best!

Bitcoin Price Prediction

During Monday's Asian trading session, the BTC/USD coin failed to extend its previous week's recovery rally and hit an intra-day low of $46,740.9 level. However, Bitcoin's price could not rise beyond $48,500 and began a new downward trend. BTC moved into a negative zone after trading below the $48,000 and $47,500 levels. However, the reason for its downward tragedy could be tied to the ongoing risk-off sentiment in the crypto market, which tends to undermine most of the cryptocurrencies. The declines in Bitcoin were relatively unaffected by the positive predictions relating to Bitcoin for 2022.

El Salvador's president predicts that two more countries will legalize bitcoin this year. Meanwhile, he anticipates the development of El Salvador's Bitcoin City to begin this year, and the country's volcano bonds will be oversubscribed. The price of Bitcoin may continue to fall if it fails to recover over $48,000. Strong support exists at or near the $46,400 level. Near $46,100 is the first significant support. If the price falls below $46,100, it may fall to the $45,500 support level. Further losses could trigger a deeper drop below the $45,000 support level. The price might drop to $43,200 in this scenario. Elsewhere, the broad-based US dollar strength was seen as one of the key factors that kept the BTC/USD coin down. BTC/USD is presently trading at 47,121.0, with a range of 46,740.9 to 47,292.0.

According to sources, El Salvador's president has made six bitcoin forecasts for 2022. This year, he expects two more countries to recognize bitcoin as a legal currency. Meanwhile, he anticipates the development of El Salvador's Bitcoin City to begin this year, and the country's volcano bonds will be oversubscribed. President Bukele also expects BTC to hit $100,000 in value. Since bitcoin became the country's official currency, El Salvador has purchased around 1,391 BTC. Thus, the optimistic predictions regarding Bitcoin futures have not had any notable impact on the BTC/USD coins so far.

Elsewhere, the finance expert at the University of Pennsylvania's Wharton School has issued a warning about inflation and the Fed raising rates far more frequently than the market anticipates. He also stated that for millennials, bitcoin had become the new gold.

On Monday morning, the dollar rose in Asia, but it had a quiet start to 2022 because of holidays in many key Asia-Pacific markets. Market sentiment is still being influenced by the global spread of the omicron COVID-19 strain, which is boosting safe-haven demand. Even though the number of cases in the western Chinese city of Xi'an has decreased, statistics from Johns Hopkins University show that the global number of cases has surpassed 290 million as of January 3. The US Dollar Index, which tracks the greenback against a bucket of other currencies, was up 0.29% to 95.870.

US dollar traders will have a busy week ahead of them. The ISM data, the Federal Open Market Committee minutes, and nonfarm payrolls at the end of the week will be the calendar's highlights. In addition, US President Joe Biden's selections for three Federal Reserve governor seats may attract notice.

BTC/USD Intraday Technical Levels

Support Resistance

46131.0 48046.0

45106.0 48936.0

44216.0 49961.0

Pivot Point: 46648.07

BTC/USD - Technical Outlook

On Monday, the BTC/USD is supported above the 46,648 level, having surged above the 46,618 pivot point level. On the higher side, the BTC/USD may find immediate resistance at the 47,969 level, and a break above this exposes the coin towards 48,825 or 49,879 resistance levels.

On the downside, 46,648 is acting as a major support and a break below this exposes the coin towards the 46,058 level. The RSI and StochRSI are holding above the 50 level, supporting an uptrend in Bitcoin. Therefore, the bullish bias dominates over the 46,648 level and vice versa. All the best!

Gold’s Daily Price Analysis

Gold prices gained in thin trade on Thursday, reversing previous losses as US Treasury yields fell from one-month highs, mitigating the effects of a strong dollar. By 1347 EDT (1847 GMT), spot gold was up 0.5 percent at $1,813.16 per ounce, while US gold futures were up 0.5 percent at $1,814.10. "We're in a very low-volume holiday trading period. I believe gold is at a comfortable level just above or below $1,800, "said Phillip Streible, chief market strategist at Chicago-based Blue Line Futures. With volumes projected to increase through next week, gold prices could find more of a direction, according to Streible.

Benchmark With no strong catalysts to drive market direction and many traders away before the New Year's break, 10-year US Treasury rates fell from one-month highs. This decreased the opportunity cost of storing bullion, which does not pay interest. Gold prices are down roughly 5% this year, on course for their worst drop since 2015, as economies recover from the pandemic's impact, cutting demand for safe-haven bullion.

Prices reached a one-month peak on Tuesday before falling to a one-week low the following day. Over the last two days, the back and forth saw has less to do with any fundamental catalyst and more to do with the fragile market, which amplifies volatility. The Labor Department said that new claims for US unemployment benefits started falling in the week leading up to Christmas, and benefits rolls fell to their lowest level of the coronavirus pandemic era the week before, data that showed no impact on employment from the rapidly spreading Omicron variant.

Initial jobless claims fell to a seasonally adjusted 198,000 for the week ending Dec. 25 from a revised 206,000 the previous week. Early this month, claims fell to a level not seen since 1969.

Reuters polled economists, who predicted 208,000 applications for the most recent week. Jobless claims have dropped from a high of 6.149 million in early April of 2020. The latest data reveal that Omicron, the newest and most contagious COVID-19 form, has yet to stymie a tight job market or impede a US economy that appears to be on course to close the year at a brisk growth rate. While the original claims data was skewed due to so-called seasonal adjustment factors, the non-seasonally adjusted figures - which were nearly 60,000 higher - showed essentially no week-over-week change. Limiting bullion's gains, US stocks rose on increased risk appetite as a decline in weekly unemployment claims allayed concerns about the economic impact of a widespread rise in COVID-19 infections in the US. Spot silver jumped 0.8 percent to $22.98 per ounce, while platinum fell 0.6 percent to $961.94, and palladium rose 0.1 percent to $1,984.31.

GOLD Intraday Technical Level

Support Resistance

1800.84 1822.74

1787.57 1831.37

1778.94 1844.64

Pivot Point: 1809.47

GOLD - Technical Outlook

On Friday, gold was trading bullish at 1,818, surging towards the next resistance levels of 1,822 and 1,830. The intra-day pivot point extends the support at 1,809, and the bullish bias remains solid above this. In the 4-hour timeframe, the formation of the "three white soldiers" pattern indicates the chances of an uptrend continuation. Therefore, on Friday, gold prices are exposed to the 1,822 or 1,830 resistance zone.

Gold’s immediate support stays at the 1,809 level on the bearish side, and a break below this level exposes the metal towards the 1,801 level. Further, the next support remains at the 1,788 level on the lower side. I wish you a very happy new year. All the best!