XAUUSD Pivot 12th May 2021
This page will show readers 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 11th May, 2021 at 1836.73. Open price for 12th May 2021 is 1836.76.
Higher Daily price open may sometimes imply that price may close Bearish at the end of the day.
Pivot for the day is 1832.16 and this is below the market open price, 1836.76.
The 4hr chart is currently showing that market price is currently moving in a Range structure.
Price might range for sometime before continuing its upward movement.
However, the 4hr chart is currently showing that market price is currently in a stage of Range structure.
We now have the formation of Higher Higher point on the chart.
Higher Low point may be the next level in the making.
Price may be moving towards the Higher Low point.
On the flip side, price may push higher towards Resistance 1 (1846 area) before jumping further to 1855 (Resistance 2).
Support 1, which is at the 1822 area is currently being eyed by the Sellers.
A break below that level will definitely take price to Support 2 (1808 area)
Overall bias on the 4 hour chart remains a Range.
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.
High Impact news for today is U.K Gross Domestic Product data. This data will drop in the London session at 06:00 GMT.
Another High Impact news for today is U.S Consumer Price Index data. This data will drop in the Newyork session at 12:30 GMT.
Check Out XAUUSD Pivot For 11th May 2021:
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