Symmetrical Triangle Pattern

The BTC/USD was closed at $33.668.0 after placing a high of$35,289.0 and a low of $33,479.2. Bitcoin dropped and reversed its course on Monday amid some negative developments surrounding the bitcoin environment. REvil, a Russian ransomware gang group, has reportedly pulled off the most significant ransomware attack in history. The hackers have deployed a vicious malware that has affected over 200 companies in the United States and over a million companies beyond the globe.

According to REvil, they have deployed a universal malware that has infected more than a million network systems. The hacker's group has now demanded to be paid in bitcoin worth $70 million before they would release the universal decryptor for more than a million infected systems.

Initially, the hackers asked each business to pay $45,000 in XRM, but now the group has revised its demands and was asking $70 million in bitcoin. The hacker group belongs to Russia that has been terrorizing businesses for a while now. This news added weight on BTC/USD, and the crypto suffered on Monday.

Furthermore, a 77-year-old woman in Indiana has reportedly become the latest victim of a cryptocurrency scam. She has approximately lost $12,000 to digital scammers who called her explaining that $500 had been withdrawn from her account by a cyberattack. The woman was provided with a number where she called and was instructed to buy $3500 in bitcoin from Coinbase. Nevertheless, the man on the other side offered the woman help through the buying process and got access to her smartphone and checking account. After that, a total of $12,300 was removed from her checking account. This news also added extra pressure on BTC/USD on Monday.

On the other hand, the bitcoin mining company named Marathon Digital Holdings recently revealed that the company mined about 265.6 bitcoin in June alone. The total amount for the whole second quarter is 654.3 bitcoins, out of which 265.6 were mined in a single month only. June's mining was 17% higher than the mining done in May.

Furthermore, a Dubai-based investment company named IBC Group has reportedly announced to end its bitcoin and ether mining operations in China. The decision came in after China banned the mining of cryptocurrencies in different provinces across the country. IBC Group has major mining facilities in China, and it has plans to distribute its operations to UAE, Canada, the USA, Kazakhstan, Iceland, and various South American countries. Recently, the group relocated its headquarters to Toronto, Canada.

Moreover, Pham Minh Chinh, the minister of Vietnam, has asked the State Bank of Vietnam to begin operating on a pilot project for a cryptocurrency. The blockchain-based project is expected to be completed between 2021 and 2023. The PM has taken the initiative as a development strategy towards a digital economy. The Prime Minister of Vietnam has reiterated the digital currency as "an inventible trend."

BTC/USD Intraday Technical Levels

Support Resistance

33001.8 34811.6

32335.6 359955.2

31192.0 36621.4

Pivot Point: 34145.4

BTC/USD - Technical Outlook

Technically, the Bitcoin pair hasn't changed much as it continues to follow the same trading levels. It's trading with a slight bearish at 34,2886, gaining support at 32,445. The technical side of Bitcoin remains primarily unchanged as it continues trading choppy in between a symmetrical triangle pattern. The support level is extended by an upward trendline on the 4- hour timeframe at 32,445 level. The Bitcoin is trying to cross below 50 periods EMA that's extending immediate support at 34,250. The bearish crossover of the 32,245 support level can expose Bitcoin price towards the next support area, 30,565 and 29.244 support areas. At the same time, the breakout of 36,650 resistance can expose BTC toward 38,555 areas. All the best!

Double Top Breakout

The GBP/USD was closed at $1.3845 after placing a high of $1.3863 and a low of $1.3817. GBP/USD extended its gains for the third consecutive session on Monday amid weakness in the U.S. dollar. The British Pound found support on comments from the U.K. Prime Minister Boris Johnson, who announced that all restrictive measures would be lifted on July 19. Johnson said that while the country was still very far from the end of the pandemic, it was now or never to raise restrictive measures by taking advantage of the vaccine roll-out.

Johnson also noted that people would not be instructed to work from home despite the rising number of coronavirus. However, a final decision will be made on July 12. Restrictions were decided to lift in the upcoming days. However, border control was being maintained for the time being along with the red list of U.K. Johnson stated that he had plans to work with the travel industry to lift the quarantine restriction for fully vaccinated travelers upon arrival from amber list countries. Under the plans, nightclubs will be allowed to reopen, and there will be no limits on the capacity for hospitality venues. He also said that people under 40 would be requested for their second COVID-19 shots from eight weeks following their first dose, rather than 12 weeks.

There was no macroeconomic data on the data front to be released from the U.S. because of the national holiday for Independence Day. However, from the British side, at 13:30 GMT, the Final Services PMI in June rose to 62.4 against the expected 61.7 and supported British Pound that added further upward momentum in GBP/USD. Meanwhile, the BOE (Bank of England) has said that it will only require staff to operate in the office one day a week from September, in contrast to many City banks asking their workers to return to work on a full-time basis.

GBP/USD Intraday Technical Levels

Support Resistance

1.3821 1.3867

1.3797 1.3887

1.3776 1.3912

Pivot Point: 1.3842

GBP/USD - Technical Outlook

The GBP/USD pair is trading with a bullish bias at the 1.3883 level. The Cable has violated the double top resistance level of 1.3772 level, and the bullish crossover of this level exposes the pair towards the next target area of 1.3926 level. The support level continues to stay at 1.3872 level along with a resistance area of 1.3926 level. The 50 EMA supports the Sterling at the 1.3840 level, suggesting a robust bullish bias among investors. The pair has also entered the overbought zone; therefore, a slight bearish correction is imminent. The MACD is still supporting buying trends in the GBP/USD pair. Therefore, the traders will be keeping their eyes on 1.3870. All the best!

Upward Channel In Play

Gold prices were closed at $1787.55 after placing a high of $1795.90 and a low of $1774.40. Gold extended its gains for the 3rd consecutive session on Friday amid fresh weakness in the U.S. dollar and the benchmark U.S. Treasury yields. The U.S. Dollar Index that gauges the greenback worth against the basket of six major currencies reversed its course and broke its seven-day bullish streak and reached 92.23 level after touching 92.74, its highest since April 06. The Treasury Yield on benchmark 10-year note also dropped on Friday; the benchmark yield continued its bearish streak for the 5th consecutive session on Friday and reached 1.42%.

Gold extended its bullish movements on Friday over the concerns of the Delta variant of the coronavirus as it boosted the safe-haven appeal and turned on the risk-off market sentiment. On the other hand, the prospects of the U.S Federal Reserve tightening were also weighed by the U.S. jobs report that showed a slight rise in the unemployment rate.

At 17:30 GMT, the Average Hourly Earnings for June remained flat with the expectations of 0.3%. The Non-Farm Employment Change surged to 850K against the forecasted 725K and supported the U.S. dollar. The Unemployment Rate from June rose to 5.9% against the expected 5.6% and weighed on the U.S. dollar. The Trade Balance from May remained unchanged at -71.2B. At 19:00 GMT, the Factory Orders in May also remained flat with projections of 1.7%.

The U.S. Fed officials have recently suggested that the Central Bank start to taper its asset purchases this year. However, many analysts believe that the data failed to trigger a rush from the Fed to ease stimulus or begin interest rate hikes. The U.S. Treasury Yield and the DXY both fell after the report and pushed gold higher as lower treasury yields reduced the opportunity cost of holding gold. Meanwhile, the Delta variant of the coronavirus raised fears all over the globe after it started to spread fast in Asia and Europe.

On Friday, the WHO head (World Health Organization) said that the Delta variant of COVID-19 was discovered in at least 98 countries and was spreading quickly in countries with low and high vaccination coverage. During the biweekly press conference, Tedros Adhanom Gebreyesus urged leaders to push back against the daunting new coronavirus surges through increased vaccination efforts and public health measures. He also warned that delta had become the dominant strain in many countries, and if it continues, it will be a dangerous period of a pandemic. Two measures recommended by the chief of WHO all countries should adopt that to push back the rising cases of coronavirus included strong surveillance, early case detection, strategic testing, isolation, clinical care, social distancing, avoiding crowded areas, and keeping indoor spaces well ventilated.\Apart from public health and social measures, the second way Tedros suggested was the global sharing of protective gear, tests, oxygen, treatment, and vaccines.

The President of Iran, Hassan Rouhani, expressed fears that Iran will be hit by a new wave of coronavirus due to an outbreak of Delta variant in the Middle East’s hardest-hit country. Meanwhile, Dr. Anthony Fauci said that the U.S. would soon face a rising number of coronavirus cases of highly infectious Delta variants in areas where vaccination rates were low.

All the fuss about the Delta variant of coronavirus kept safe-haven appeal intact in the market and pushed gold prices higher on Friday.

Gold Intraday Technical Level

Support Resistance

1785.46 1787.66

1784.53 1788.93

1783.26 1789.86

Pivot Point: 1786.73

Gold - XAU/USD - Technical Outlook

Gold is trading with a bullish bias at the 1,789 level; however, it’s still maintaining a narrow trading range of 1,796 – 1,784 levels. On the 4 hour timeframe, gold is facing resistance at the 1,796 level that’s being extended by a 50% Fibonacci retracement level. On the higher side, a bullish breakout of 1,796 levels exposes gold price towards the next resistance area of 1,809. At the same time, gold’s support continues to hold around the 1,784 mark.

On the hourly timeframe, the 50 EMA is supporting bullish bias in metal. The bearish breakout of 1,784 exposes the metal towards the next support level of 1,776 level. The MACD is holding a bullish zone, demonstrating buying trend in gold. All the best!

Downward Channel In-Play

The EUR/USD was closed at $1.1864 after placing a high of$1.1875 and a low of $1.1806. After declining continuously for seven days, the EUR/USD pair broke its bullish streak and reversed its course later. The pair dropped to its lowest since April 06 on Friday during the first half of the day; however, after the release of U.S. macroeconomic data, the currency pair started moving in the opposite direction and ended its day with minor gains. On Friday, the U.S. Dollar Index (DXY) remained under pressure and broke its seven-day bullish streak after the fears of Delta variant rises, and the U.S. jobs report data came in not-as-expected. The DXY reached 92.74 in the first half of the day but reversed its movement and turned down to 92.24 level on Friday after the release of the U.S. jobs report. The U.S. Treasury Yields on a 10-year note also fell to 1.42% after continuously declining for five consecutive sessions.

On data fronts, at 11:45GMT, the French Government Budget Balance was released as -118.8B. At 12:00 GMT, the Spanish Unemployment Change came in as -166.9K against the forecasted -110.5K and supported the single currency Euro and further caped loss in EUR/USD. AT 14:00 GMT, the PPI for May surged to 1.3%against the projected 1.2% and supported single currency Euro and limited the downward momentum in EUR/USD. From the U.S. side, at 17:30 GMT, the Average Hourly Earnings for June remained flat with the projections of 0.3%. The Non-Farm Employment Change rose to 850K against the expected 725K and supported the U.S. dollar that added loss in EUR/USD. The Unemployment Rate from June surged to 5.9% against the estimated 5.6% and weighed on the U.S. dollar and limited the downward trend in EUR/USD. The Trade Balance from May remained unchanged at -71.2B. At 19:00 GMT, the Factory Orders in May also remained flat with the predictions of 1.7%.

Meanwhile, countries across Europe were scrambling to accelerate their vaccination coverage to outpace the spread of deadly and highly infectious Delta variants of the coronavirus. Europe had plans to open up its economy for tourists in the summer holidays. Still, the rising number of coronavirus cases across the EU nations prompted governments to speed up the process of coronavirus vaccination. The main concern of the EU was to prevent its hospitals from filling up again with patients fighting for their lives and to avoid it, and the European nations started to race against the Delta variant of the coronavirus.

According to the European Centre for Disease Control, the risk of infection from the delta variant was high to very high for partially or unvaccinated communities. It is also estimated that the variant will account for 90% of cases in the EU’s 27 nations by the end of August. The ECDC warned that it was crucial to progress with the vaccine rollout at a very high pace. These concerns also kept the single currency Euro under pressure, and hence, EUR/USD pair suffered on Friday.

EUR/USD Intraday Technical Levels

Support Resistance

1.1851 1.1867

1.1845 1.1877

1.1835 1.1882

Pivot Point: 1.1861

EUR/USD - Technical Outlook

On Monday, the EUR/USD is trading with a bullish bias at the 1.1849 level. On the hourly timeframe, the 50 periods EMA is supporting the pair at the 1.1849 level. Recently, the EUR/USD pair has formed a bullish engulfing candle that’s supporting buying trend. On the upper side, the EUR/USD’s next resistance stays at the 1.1879 level, and a bullish crossover of this level can expose the pair towards the 1.1910 level. The MACD is holding a buying zone and can drive more upward momentum in the market. Traders will be keeping an eye on the 1.1850 support level today as the bullish trend dominates over this level. All the best!

Symmetrical Triangle Pattern

The BTC/USD was closed at $34,758.0 after placing a high of $34,762.0 and a low of $33,561.6. Bitcoin surged on the weekend but with minor gains on hand and remained under consolidation as investors kept the coin moving in a tight range for the weekend. The U.S. Department of States’ undersecretary of state for political affairs, Victoria Nuland, has revealed through a press conference that the United States has urged El Salvador to be liable for the new law issued by the country. Nuland told the press that the U.S. was taking a tough look at bitcoin, and the Salvadoran president Nayib Bukele should also ensure that bitcoin was well regulated. Victoria Nuland said that she had a meeting with President Nayib Bukele over the crypto-asses bitcoin. She stressed to Bukele that the U.S. took another rugged look at bitcoin after the Colonial Pipeline ransomware case. She advised the president that regulations must be implied and that there should be transparency.

The world leaders have had issues with the new law signed by El Salvador. Even the World Bank rejected a request from El Salvador for assistance. The President of ECB, Christine Lagarde, also discussed the subject with disparagement as she reiterated that the ECB’s policy towards bitcoin has not changed. On the other hand, New York University professor Aswath Damodaran has stated in a recent interview that bitcoin has been neglected as a currency because it cannot be used to buy anything.

Furthermore, the news shocked the crypto market that fraudsters operating on the Darknet were now trading coronavirus vaccines and vaccination passports in exchange for digital assets. Some users on the notorious website Darkweb were reported to sell falsified vaccine certificates for coronavirus and stolen doses of vaccines in exchange for a variety of cryptocurrencies. The report suggested that one can buy ten shots of AstraZeneca product for $250 of equivalent cryptocurrency.

Conversely, the Global Investment Bank JP Morgan has anticipated that the recent price slump in bitcoin is expected to be over when the cryptocurrency’s dominance grows back over 50%. The analyst at JPMorgan explained that the declining trend in bitcoin would probably end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He said it was near 60% at the beginning of April, and now the low market share was a negative signal that suggested a subdued interest in bitcoin.

As per the report by Tasnim News Agency, the Iranian Parliament has prepared a bill that will ban the use of cryptocurrencies such as bitcoin for payments. The new bill drafted by Iranian lawmakers will prohibit all non-national cryptocurrencies for payments within the country. The primary motive behind the new bill was that the country was mulling over issuing its digital currency.

BTC/USD Intraday Technical Levels

Support Resistance

35124.6 35617.6

34960.3 35946.3

34631.6 36110.6

Pivot Point: 35453.3

**

BTC/USD - Technical Outlook**

On Monday, the BTC/USD pair is trading with a slight bearish at 34,2886, gaining support at 32,445. The technical side of Bitcoin remains primarily unchanged as it continues trading choppy in between a symmetrical triangle pattern. The support level is extended by an upward trendline on the 4- hour timeframe at 32,445 level. The Bitcoin is trying to cross below 50 periods EMA that’s extending immediate support at 34,250. The bearish crossover of the 32,245 support level can expose Bitcoin price towards the next support area, 30,565 and 29.244 support areas. At the same time, the breakout of 36,650 resistance can expose BTC toward 38,555 areas. All the best!

Big Day – Eyes on NFP Figures!

Gold was closed at $1776.05 after placing a high of $1783.30 and a low of $1766.00. Gold extended its gains for a second consecutive session on Thursday as a more than 7% slide in June pushed traders to buy yellow metal amid concerns over the Delta variant of the coronavirus. However, these moves were also capped by the caution over the U.S. payroll data and a strong U.S. dollar.

The U.S. Dollar Index rose on Thursday as it continued its bullish streak for the 7th consecutive session and reached 92.60 level, its highest since April 06. The greenback remained strong across the board despite poor than expected ISM Manufacturing PMI data that helped yellow metal remain green for the day. However, the fears that the delta variant of the coronavirus was spreading fast across the globe raised concerns over economic recovery, and the safe-haven appeal emerged in the market that also supported the gains in yellow metal on Thursday.

On the data front, at 16:30 GMT, the Challenger Job Cuts for the year dropped to -88.0% compared to the previous -993.8%. At 17:30 GMT, the Unemployment Claims from last week declined to 364K against the expected 388K and supported the U.S. dollar, and capped further gains in gold. At 18:45 GMT, the Final Manufacturing PMI declined to 62.1 against the forecasted 62.6, weighed on the U.S. dollar, and pushed yellow metal higher. At 19:00 GMT, the ISM Manufacturing PMI also reduced to 60.6 against the projected 61.0 and weighed on the U.S. dollar and added further gains in gold. Construction Spending fell to -0.3% against the forecasted 0.4% and weighed on the U.S. dollar, and pushed gold prices higher. ISM Manufacturing Prices raised to 92.1 against the predicted 86.0 and supported the U.S. dollar. Wards Total Vehicle Sales also dropped to 15.4M against the projected 16.9M and weighed on the U.S. dollar and added further upside momentum in gold.

In June, gold posted its biggest monthly loss since November 2016, which is driven by the surprise hawkish tone from the U.S. Federal Reserve. Rising interest rates increase the opportunity cost of holding non-yielding bullion that added pressure on the yellow metal.

This week, the focus of investors has remained on Friday’s non-farm payrolls report as it will provide clues on the timeline of the U.S. monetary policy shift. Federal Reserve officials have suggested that the central bank keep an eye on economic data to determine the tapering in asset purchases this year. The Reuters poll has predicted that this month there will be an addition of over 690,000 jobs, and if the expectations came true, then the dollar might see more strength.

Gold Intraday Technical Level

Support Resistance

1766.94 1784.24

1757.82 1792.42

1749.64 1801.54

Pivot Point: 1775.13

Gold - XAU/USD - Technical Outlook

On Friday, gold is trading sideways in between a tight trading range of 1,796 – 1,770 levels. It’s going to be a big day for gold as the U.S. economy is due to release its unemployment rate and non-farm payroll data. These two figures are the most-awaited and high-impact economic events as these typically drive massive price action in the market. The same we can expect today. On the 4 hour timeframe, gold is facing resistance at the 1,778 level that’s being extended by a downward trendline.

In contrast, the support level continues to hold around 1,770 levels. The bearish breakout of 1,770 exposes the metal towards the next support level of 1,753 level. The MACD is about to show a bullish crossover, and if this happens, the gold price will be exposed towards the next resistance are of 1,796. All the best!

ECB President Lagarde Speaks!

The EUR/USD closed at $1.1848 after placing a high of $1.1885 and a low of $1.1837. EUR/USD currency pair extended its losses and continued its bearish streak for the 4th consecutive session amid the strength in the U.S. dollar. The riskier asset EUR/USD dropped to its lowest level since April 06 as market sentiment turned to risk-off behavior. The U.S. dollar was onboard solid during Thursday’s trading session amid the rising fears of Delta coronavirus and ahead of the release of U.S. NFP data. The U.S. dollar index reached its highest level in 12 weeks at 92.60 and weighed heavily on EUR/USD.

On the data front, at 11:00 GMT, the German Retail Sales in May declined to 4.2% against the expectations of 4.5% and weighed on the single currency Euro. At 12:15 GMT, the Spanish Manufacturing PMI rose to 60.4 against the expected 59.6 and supported Euro. At 12:45 GMT, the Italian Manufacturing PMI remained flat with the expectations of 62.2. At 12:50 GMT, the French Final Manufacturing PMI rose to 59.0 against the projected 58.6 and supported Euro. At 12:55 GMT, the German Final Manufacturing PMI remained unchanged with a projection of 64.9. At 13:00 GMT, the Final Manufacturing PMI from the whole bloc also remained flat with the forecasts of 63.4. The Italian Monthly Unemployment Rate dropped to 10.5% against the forecasted 10.7% and supported the single currency Euro. At 14:00 GMT, the Unemployment Rate from the whole bloc also declined to 7.9% against the projected 8.0% and supported Euro.

From the U.S. side, at 16:30 GMT, the Challenger Job Cuts for the year declined to -88.0% compared to the previous -993.8%. At 17:30 GMT, the Unemployment Claims from last week reduced to 364K against the estimated 388K and supported the U.S. dollar that added further loss in EUR/USD. At 18:45 GMT, the Final Manufacturing PMI dropped to 62.1 against the predicted 62.6 and weighed on the U.S. dollar that capped further loss in EUR/USD. At 19:00 GMT, the ISM Manufacturing PMI also declined to 60.6 against the predicted 61.0 and weighed on the U.S. dollar that capped further loss in EUR/USD. Construction Spending dropped to -0.3% against the anticipated 0.4% and weighed on the U.S. dollar that limited the declining prices of EUR/USD. The ISM Manufacturing Prices surged to 92.1 against the estimated 86.0 and supported the U.S. dollar that added further loss in EUR/USD.

Meanwhile, European Central Bank President Christine Lagarde said that the euro-zone economy might avoid the most pessimistic scenario predicted at the start of the COVID-19 pandemic. However, it still faces risks from variants mutations. ECB has started debating whether to cut back on its massive bond-buying program as the economy was recovering from its coronavirus-induced slump. Lagarde said that the improved economic outlook on rapid progress in vaccination campaigns had reduced the probability of severe scenarios. However, the emerging recovery still faces uncertainty due to the spread of virus mutations.

EUR/USD Intraday Technical Levels

Support Resistance

1.1829 1.1877

1.1809 1.1905

1.1781 1.1925

Pivot Point: 1.1857

EUR/USD - Technical Outlook

The EUR/USD is trading with a bearish bias at the 1.1838 level as the major currency pair has violated the support level of 1.1850. On the downside, the breakout of 1.1845 exposes the direct currency pair towards the next support area of 1.1803 level. It’s going to be a big day for direct currency pairs like EUR/USD as the U.S. economy is due to release its unemployment rate and non-farm payroll data. These two figures are the most-awaited and high-impact economic events as these typically drive massive price action in the market. Let’s keep an eye on an immediate support level of 1.1830 level as above this, the bullish bias remains dominant, and below this, the bearish bias remains dominant. All the best!

Symmetrical Triangle Pattern

The BTC/USD was closed at $33554.4 after placing a high of $35043.5 and a low of $32821.0. Bitcoin extended its loss and dropped for a second consecutive session on Thursday despite improving market sentiment. After China's crackdown on the whole crypto market, Kazakhstan has become increasingly popular for cryptocurrency mining. The country's president has signed a new law that will introduce an extra tax for crypto miners.

Kassym Jomart Tokayev, the President of the Republic of Kazakhstan, recently signed a new law that imposes an additional tax fee on energy utilized by crypto miners operating in the country. The new fees will take impact from the inception of the new year in January 2022. On the other hand, Mike Novogratz, the billionaire CEO of Galaxy Digital, believed that Ethereum could become the world's largest cryptocurrency. He stated that there was no doubt that bitcoin has come to stay, and so, the community still needs to work hard to educate financial regulators on the working of the flagship crypto.

As bitcoin has been adopted as the official legal currency in El Salvador, many other sovereign states have shown willingness to go on with the same move. However, Novogratz believed that the biggest threat to bitcoin's mainstream adoption journey was the lack of agreeable crypto regulations. Novogratz also said that the latest crackdown on bitcoin mining from China was a positive development for the global crypto space. China has been involved in a conflict against bitcoin and other cryptocurrencies since 2017; it has banned crypto mining operations this year and forced Chinese miners to move abroad to do such activities.

Similarly, the report also revealed that the members have said that 67.6% of the total energy used to mine bitcoin came from sustainable sources, which ensured a much lower environmental influence than that of the industry in other countries, especially China. The miners in China mainly concentrated on the Bitcoin hash rate, and a large portion of the energy used to mine bitcoin was generated by coal-fired plants there.

Furthermore, a report on CNBC enlisted the five biggest risks faced by Bitcoin, including regulations, high volatility, environmental concerns, stable coin scrutiny, and meme coins and scam. According to the article, the biggest issue faced by bitcoin was regulations, as China has clamped down on its cryptocurrency industry, and UK regulators also banned leading digital currency exchange Binance from undertaking regulated activities. The United States has also not figured out how to properly regulate the industry.

On the other hand, the extreme swings in bitcoin and other cryptocurrencies have also been holding the leading currency to reach its peak as investors fear the high volatility attached to it. Thirdly, bitcoin mining equipment requires much electricity to run, and energy consumption has risen considerably over the years. High energy consumption has a significant impact on the environment, which is also holding bitcoin back. Similarly, stable coin scrutiny and popularity of meme coins and the rising number of scams in the crypto industry have also been a challenge to bitcoin lately.

BTC/USD Intraday Technical Levels

Support Resistance

32569.1 34791.6

31583.8 36028.8

30346.5 37014.1

Pivot point: 33806.3

BTC/USD - Technical Outlook

The BTC/USD pair is trading with a slight bearish at 32,796, gaining support at 32,445. The support level is extended by an upward trendline on the 4- hour timeframe. The Bitcoin has crossed below 50 periods EMA extending resistance at 33,650 and demonstrating selling bias. The bearish crossover of the 32,445 support level can expose Bitcoin price towards the next support area, 30,565 and 29.244 support areas. At the same time, the breakout of 33,650 resistance can expose BTC toward 35,555 and 36,665 areas. All the best!

Eyes on ISM Manufacturing PMI!

Gold was closed at $1708.75 after placing a high of $1774.65 and a low of $1753.20. Gold experienced its worst monthly loss in almost 5-years over the speculations of stimulus tapering and interest rate hikes by the Federal Reserve. However, neither of the two options was close to happening anytime soon. Gold has been under pressure since January that began last year when in August gold reached its record highs above $2000 and rushed for a few months before entering into a series of bearish candles from November when the first breakthrough in coronavirus vaccine efficiency was announced.

Gold attempted to break the downward pressure and rose in May back to $1905; however, a new round of short-selling prompted and took gold back to $1800 levels. This week the prices went further down amid the talks of tightening by the Federal Reserve, and gold reached its 2-months lowest level around $1750. This month, Fed has indicated that it expects two interest rate hikes before 2023, pushing the rates to 0.6% from the current level near zero at 0.25%. For tapering the $120 billion asset purchases, the Fed has not yet provided any timetable. Still, it has shown that it will be looking at macroeconomic data closely to determine the perfect timing for a complete freeze of asset & bond purchases. Meanwhile, bankers and FOMC members, and other officials also started talking about interest rate hikes and tapering that dragged gold prices further on the downside.

On the data front, at 17:15 GMT, the ADP Non-Farm Employment Change for June increased to 692K against the predicted 555K and supported the U.S. dollar and further capped gains in gold. At 18:45 GMT, the Chicago PMI for June declined to 66.1 against the anticipated 70.2 and weighed on the U.S. dollar and added further gains in gold. At 19:00 GMT, the Pending Home Sales rose to 8.0% against the estimated -1.1% and supported on the U.S. dollar and limited the rising prices of gold. The U.S. Dollar Index (DXY) that measures the greenback value against the basket of six major currencies, surged for the third consecutive session on Wednesday and reached 92.45 level. The U.S. dollar was strong on the day as the most awaited job report from the Labour Department suggested a rising number of jobs created in June. However, despite the strength in the U.S. dollar, the yellow metal remained green for the day amid the risk-off market sentiment.

The highly contagious Delta variant of the coronavirus has prompted renewed concerns of a new wave of coronavirus. Following these concerns, many countries have recently recommended mask-wearing even for vaccinated people. Log Angeles, America’s most populous county, has asked its people to protect unvaccinated people from the most transmissible delta variant spreading fast in the region. To do so, the officials have recommended wearing masks just two weeks after the state relaxed the COVID-restrictions. These concerns prompted the safe-haven demand in the market that pushed yellow metal prices.

Gold Intraday Technical Level

Support Resistance

1756.41 1777.86

1744.08 1786.98

1734.96 1799.31

Pivot Point: 1765.53

Gold - XAU/USD - Technical Outlook

On Thursday, the precious metal gold continues trading with a slight bullish bais at 1,776 exhibiting a strong price action. The metal has already violated the resistance level of 1,765. Now it’s trading at 1,761 level, having bounced off over the support level of 1,756 level. Continuation of a buying trend can expose gold price towards the next resistance level of 1,782 and 1,796. The MACD is closing histograms below 0 points, supporting the selling trend, while the 50 periods moving average is also holding around 1,776 level. Gold’s next support stays at 1,765 and 1,752 levels. Good luck!

German Final Manufacturing PMI Ahead!

The EUR/USD was closed at $1.1855 after placing a high of $1.1910 and a low of $1.1845. EUR/USD currency pair continued its bearish streak for the 6th consecutive session on Wednesday amid the rebounded strength in the U.S. dollar, and the prompted risk-off market sentiment.

The U.S. dollar was strong across the board on Wednesday as the DXY reached above 92.4 level and helped the greenback gain traction against its rival single currency Euro. The reason behind the strength in the greenback could be better-than-expected jobs report from the U.S. Labour Department on Wednesday that showed a higher than expected job creation in June.

On the data front, at 11:45 GMT, the French Consumer Spending for May surged to 10.4% against the forecasted 7.4% and supported the single currency Euro and further caped loss in EUR/USD pair. The French Prelim CPI for June remained flat with projections of 0.2%. At 12:55 GMT, the German Unemployment Change dropped to -38K against the forecasted -20K and supported the single currency Euro with limited EUR/USD pair losses. At 14:00 GMT, the CPI Flash Estimate for the year also remained flat, with projections of 1.9%. The Core CPI Flash Estimate for the year also remained unchanged from the expected 0.9%. Italian Prelim CPI dropped to 0.1% against the forecasted 0.2% and weighed on the single currency Euro that added further loss in EUR/USD.

From the U.S. side, at 17:15 GMT, the ADP Non-Farm Employment Change for June rose to 692K against the forecasted 555K and supported the U.S. dollar that added extra loss in EUR/USD. At 18:45 GMT, the Chicago PMI for June dropped to 66.1 against the forecasted 70.2 and weighed on the U.S. dollar and limited the downward momentum in EUR/USD. At 19:00 GMT, the Pending Home Sales surged to 8.0% against the expected -1.1% and supported the U.S. dollar that dragged EUR/USD pair further on the downside.

The U.S. dollar gained traction even after declining U.S. treasury yields and a rebound in Wall Street stock indices. The yield on the benchmark 10-year note dropped to its lowest since June 21 at 1.45% whereas, the Dow Jones rose by 0.45%. However, the U.S. Dollar Index rose and reached 92.45 level and continued its bullish streak for 4th consecutive session. The strength in the greenback added pressure on the currency pair EUR/USD and increased its losses for the day.

Furthermore, the rising number of cases around the globe due to the highly transmissible Delta variant of the coronavirus raised fears in the market as countries have re-imposed restrictions to stop the spread. The economic recovery concerns prompted the safe-haven appeal that added further strength to the already rising prices of the safe-haven greenback. Hence, the riskier currency pair EUR/USD faced pressure.

EUR/USD Intraday Technical Levels

Support Resistance

1.1830 1.1895

1.1805 1.1935

1.1765 1.1961

Pivot Point 1.1870

EUR/USD - Technical Outlook

The EUR/USD is trading with a bearish bias at the 1.1845 level as the major currency pair has violated the support level of 1.1875. The direct currency pair may face resistance at the 1.1916 level that's being extended 50 periods EMA. The EUR/USD is closing a bearish engulfing candle on the 4-hour timeframe that typically demonstrates strong bearish sentiment among investors. The 50 periods EMA will be there to extend resistance at the 1.1918 mark. Conversely, the 1.1848 support level breakout can expose the EUR/USD pair towards 1.1811 and 1.1774 levels today. All the best!