XAUUSD Pivot 13th May 2021

This page will show followers 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 12th May, 2021 at 1816.04. Open price for 13th May 2021 is 1836.76.

Higher Daily price open may sometimes imply that price may close Bearish at the end of the day.

Pivot for the day is 1824.27 and this well above the market open price, 1814.80.

The 4hr chart is currently showing that market price is currently forming a top.

Price might slide towards 1804 level any moment from now.

However, the 4hr chart is currently showing that market price has formed Triple Top pattern.

We now have the formation of Higher Higher point on the chart.

Higher Low point may be the next level in the making.

Price may be moving towards the Higher Low point.

This might end up as a complete reversal of price towards the 1730 area.

At the moment, price is currently sliding towards Support 1 (1804 level).

A break below Support 1 will take price to Support 2 (1793 zone).

On the flip side, Bulls are currently eyeing the Pivot point level (1824 zone).

A break above the Pivot point will take price to Resistance 1 (1835 area), before jumping further to 1854 (Resistance 2).

Overall bias on the 4 hour chart remains a Range.

Resistance 3

1865.81

Resistance 2

1854.71

Resistance 1

1835.37

Pivot Point

1824.27

Support 1

1804.93

Support 2

1793.83

Support 3

1774.49

 

DAILY TIME FRAME:

Using Weekly pivot levels on the Daily time frame, the most relevant levels are as follows;

Resistance 1

1860.68

Pivot Point

1813.32

Support 1

1783.423

Remember that price closed for the week above the weekly pivot (1813.32), which is currently on price.

Weekly Resistance is at 1860.68

While weekly Support is at 1783.42.

Price is currently on the weekly Weekly Pivot point.

There is a chance that price may test the Support level (1783.42) on the Weekly time frame.

 

Fundamentals (News):

The following data/news release will happen today.

Medium Impact news for today is U.S Initial Jobless Claims data. This data will drop in the Newyork session at 12:30 GMT.

High Impact news for today is BoC’s Governor Macklem speech. This data will drop in the Newyork session at 15:00 GMT.

Another High Impact news for today is BoE’s Governor Bailey speech. This data will drop in the Newyork session at 16:00 GMT.

 

 

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