XAUUSD Pivot 11th May 2021
This page will guide followers on daily XAUUSD forecast on the pivot point for Gold, and how price may move for the day.
The 4 hour time frame will be our focus for today’s pivot analysis for XAUUSD.
XAUUSD 4HR TF:
Gold price closed on the 10th May, 2021 at 1835.47. Open price for 11th May 2021 is 1836.
Higher Daily price open may sometimes imply that price may close Bearish at the end of the day.
Pivot for the day is 1836.93 and this is just above the market open price, 1836.
The 4hr chart is currently showing that market price is currently moving in a Bullish structure.
Price might retrace for sometime before continuing its upward movement.
However, the 4hr chart is currently showing that market price is currently in the early stage of a Range structure.
We now have the formation of Higher Higher point on the chart.
Price may push higher towards Resistance 1 (1843 area) before jumping further to 1852 (Resistance 2).
Support 1, which is at the 1828 area is currently being eyed by the Bears.
A break below that level will definitely take price to Support 2 (1821 area)
Overall bias on the 4 hour chart remains Bullish. (Buyers may buy every dip until we have a break of Bullish structure).
From the image above, you may observe that price is in the line of Range, looking towards the left side of the chart.
DAILY TIME FRAME:
Using Weekly pivot levels on the Daily time frame, the most relevant levels are as follows;
Remember that price closed for the week above the weekly pivot (1813.32), which is currently below price.
Weekly Resistance is at 1860.68
While weekly Support is at 1783.42.
Price is currently below the weekly Resistance and above the Weekly Pivot point.
There is a higher chance that price may test the Resistance level (1860) on the Weekly time frame.
The following data/news release will happen today.
Medium Impact news for today is German ZEW Survey data. This data will drop in the London session at 09:00 GMT.
High Impact news for today is BoE’s Governor Bailey speech. This data will drop in the London session at 14:30 GMT.
Check Out XAUUSD Pivot For 10th May 2021:
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