XAUUSD Pivot 31st 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 28th May, 2021 at 1903.10.
Higher Daily price open sometimes imply that price may close Bearish at the end of the day.
On the other hand, Lower Daily price open may imply that price will close Bullish at the end of the day.
Pivot for the day is 1897.05 and this will be checked in line with the market open price, come Sunday night.
The 4hr chart is currently showing that market price is currently Ranging.
Bulls are actually having the upper hand as a result of the Bullish Flag breakout, that happened in the last trading session.
However, on the 4hr chart, we have the Higher High point at 1912 level.
The question that may come to your mind is; Is it possible for price to form a Double Top at the 1912 zone?
Only time can tell. We may find out the answer to the above question early next week.
Price may breakout higher towards Resistance 2 (1920 area) before jumping further to 1935 (Resistance 3).
The Pivot Point, 1897 and Support 1, which is at the 1888 area are currently being eyed by the Bears.
A break below Support 1, 1888 level will definitely take price to Support 2 (1873 area)
Overall bias on the 4 hour chart is 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;
As you can see in the image above, price closed for the week above the weekly pivot (1896.13). Weekly pivot is just below Daily Pivot (1897.05).
Weekly Resistance is at 1919
While weekly Support is at 1879.
Price is currently above the Weekly Pivot point and the last Daily Candle bar is a Bullish Pin bar.
There is a chance that price may test the Resistance level (1919) come next week.
Check Out XAUUSD Pivot For 28th May 2021:
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