XAUUSD Pivot 21st 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 20th May, 2021 at 1877.21.
Opening price for today is 1877.99.
Technically, Higher Daily price open may imply that price may close Bearish at the end of the day.
Pivot for the day is 1874.95 and this is below the market open price.
Price might retrace for sometime before sliding its upward movement.
The 4hr chart is currently showing that market price is currently moving in a Ranging structure.
Bulls and Bears are actually waiting for fresh impetus that will cause them to take price much higher or lower respectively.
However, on the 4hr chart, we have the formation of Range Top, 1890 and Range Bottom, 1852.
You may expect Range breakout soon.
Price may breakout higher towards Resistance 1 (1886 area) before jumping further to 1890 (Resistance 2).
On the other hand, Support 1, which is at the 1866 area is currently being eyed by the Bears.
A break below that level may definitely take price to Support 2 (1854 area)
Overall bias on the 4 hour chart shows a Ranging market.
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 (1874.95).
Weekly Resistance is at 1856
While weekly Support is at 1818.64.
Price is currently above the Weekly Resistance point.
There is a chance of Higher rise in price of XAUUSD before the week runs out.
The following data/news release will happen today.
High Impact news today is German Markit Manufacturing PM data. This data will drop in the London session at 07:30 GMT.
High Impact news today is Canada Retail Sales This data will drop in the Newyork session at 12:00 GMT.
Check Out XAUUSD Pivot For 19th May 2021:
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