XAUUSD Pivot 6th 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 in focus for today’s pivot analysis for XAUUSD.
XAUUSD 4HR TF:
Gold price closed on the 5th May, 2021 at 1787.59. Open price is 1786.74.
Basically, Lower Daily price open may imply that price may close Bullish at the end of the day.
Pivot for the day is 1781.97 and this is below the market open price.
Price might retrace for sometime before continuing its upward movement.
The 4hr chart is currently showing that market price is currently moving in a Ranging structure, that will breakout higher soon.
Bulls are actually waiting for the impetus that will cause the breakout.
It is only a matter of time before we have the long awaited breakout.
However, on the 4hr chart, we have the formation of Range low at 1756 area, while Range High is at 1797.
Price may breakout higher towards Resistance 1 (1793 area) before jumping further to 1799 (Resistance 2).
Support 1, which is at the 1776 area is currently being eyed by the Bears.
A break below that level will definitely take price to Support 2 (1764 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 slightly below the weekly Resistance.
There is hope for the Bulls.
The following data/news release will happen today.
High Impact news for today is BoE Interest Rate Decision data. This data will drop in the London session at 12:00 GMT.
Another High Impact news for today is ECB’s President Lagarde speech. This data will drop in the Newyork session at 12:00 GMT.
Check Out XAUUSD Pivot For 5th May 2021:
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