XAUUSD Pivot 18th May 2021
This page will show followers 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 17th May, 2021 at 1866.58.
Opening price for today is 1866.62.
Technically, Higher Daily price open may imply that price may close Bearish at the end of the day.
Pivot for the day is 1859.45 and this is below the market open price.
Price might retrace for sometime before continuing its upward movement.
The 4hr chart is currently showing that market price is currently moving in a Bullish structure.
Bulls are actually waiting for fresh impetus that will cause them to take price much higher.
However, on the 4hr chart, we have the formation of Higher Higher.
Price may breakout higher towards Resistance 1 (1875 area) before jumping further to 1884 (Resistance 2).
Support 1, which is at the 1850 area is currently being eyed by the Bears.
A break below that level will definitely take price to Support 2 (1834 area)
Overall bias on the 4 hour chart is now Bullish. (Buyers may buy every dip).
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 well above the weekly pivot (1832.35). Weekly pivot is currently below Daily Pivot (1836).
Weekly Resistance is at 1856
While weekly Support is at 1818.64.
Price is currently above the Weekly Resistance point.
There is a chance Higher rise in price of XAUUSD before the week runs out.
The following data/news release will happen today.
High Impact news today is Claimant Count Change data. This data will drop in the London session at 06:00 GMT.
Another High Impact news today is E.U Gross Domestic Product. This data will drop in the London session at 09:00 GMT.
High Impact news today is ECB’s President Lagarde speech. This data will drop in the Newyork session at 14:00 GMT.
Check Out XAUUSD Pivot For 17th May 2021:
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