XAUUSD Pivot 29th April 2021
This page will give readers daily forecast on where the Pivot point for XAUUSD (Gold) is, and how price may move around it.
The 4 hour time frame will be in focus for today’s pivot analysis for XAUUSD.
XAUUSD 4HR TF:
Gold price closed on the 28th April, 2021 at 1781.40, and opened today 29th April, 2021 at 1781.89.
Higher Daily price open may sometimes imply that price may close Bearish at the end of the day.
Pivot for the day is 1775.47 and this is clearly lower than the open price (1781.89).
The 4hr chart is currently showing that market price is still moving in a Ranging structure.
However, on the 4hr chart, we have the formation of Lower Low at 1763 area.
Price is now possibly forming Lower High and Lower Low points.
Technically, price is forming Head and Shoulder Pattern as you can see on the image below.
The implication of this is, price may slide towards the Range Low zone (1763 area) .
Resistance 1, which is at the 1788.39 area is currently being eyed by Buyers.
Overall bias on the 4 hour chart is still Range.
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