XAUUSD Pivot 5th May 2021
This page will show followers daily XAUUSD analysis 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 4th May, 2021 at 1779.21. Open price is 1778.27.
Lower Daily price open may imply that price may close Bullish at the end of the day.
Pivot for the day is 1783.05 and this is above the market open price.
Price may, as usual, retrace for sometime before continuing its upward trajectory.
The 4hr chart is currently showing that market price is currently moving in a Ranging structure, that may breakout higher soon.
However, on the 4hr chart, we have the formation of Range low at 1756 area which appears to be our Higher High.
Price may breakout higher towards Resistance 1 (1805.21 area) before jumping further to 1817.46 (Resistance 2).
Support 1, which is at the 1773.34 area is currently being eyed by Sellers.
A break below that level will take price to Support 2 (1753.72 area)
Overall bias on the 4 hour chart is now Bullish.
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 just below the weekly pivot (1771.64) which is currently below price..
Weekly Resistance is at 1787.16 and this has been breached by the Buyers.
While weekly Support is at 1753.37.
Price is currently above the weekly Resistance.
There is hope for the Bulls.
The following data/news release will happen today.
Medium Impact news for today is Eurozone Markit PMI Composite data. This data will drop in the London session at 09:00 GMT.
High Impact news for today is U.S ADP Employment Change coming up This data will drop in the Newyork session at 13:15 GMT.
Check Out XAUUSD Pivot For 4th May 2021:
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