XAUUSD Pivot 3rd May 2021
This page will show readers daily XAUUSD forecast on where the Pivot point for Gold price is, and how price may move for the day.
The 4 hour time frame will be in focus for today’s pivot analysis for XAUUSD.
XAUUSD 4HR TF:
Gold price closed on the 30th April, 2021 at 1768.90. Open price will be checked on Sunday night when market opens.
Higher Daily price open may 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 may close Bullish at the end of the day.
Pivot for the day is 1768.87 and this will be checked in relationship with the market open price.
The 4hr chart is currently showing that market price is currently moving in a Ranging structure.
However, on the 4hr chart, we have the formation of Range low at 1756 area.
Price may slide towards Support 1 (1764.19 area) before sliding further to 1759.49 (Support 2).
Resistance 1, which is at the 1773.57 area is currently being eyed by Buyers.
A break above that level will take price to Resistance 2 (1778.25 area)
Overall bias on the 4 hour chart is still Range.
DAILY TIME FRAME:
Using Weekly pivot levels on the Daily time frame, the most relevant levels are as follows;
Price closed for the week just below the weekly pivot (1771.64).
Weekly Resistance is at 1787.16 while weekly Support is at 1753.37.
Price may likely drop towards Support at 1753.37 before the week runs out.
The following data/news release will happen on Monday.
High Impact news for Monday is German Retail Sales data. This data will drop in the London session at 07:00 GMT.
Medium Impact news for Monday is Canada Markit Manufacturing PMI data. This data will drop in the Newyork session at 14:30 GMT.
High Impact news for Monday is U.S Markit Manufacturing PMI data. This data will drop in the Newyork session at 15:00 GMT.
Check Out XAUUSD Pivot For 30th April 2021:
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