XAUUSD Pivot 20th 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 19th May, 2021 at 1870.08.

Opening price for today is 1869.99.

Technically, Lower Daily price open may imply that price may close Bullish at the end of the day.

Pivot for the day is 1870.75 and this is above 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.

Bulls and Bears are actually waiting for fresh impetus that will cause them to take price much higher or lower respectively.

However, on the 4hr chart, we have the formation of Range Top, 1890 and Range Bottom, 1852.

You may expect Range breakout soon.

Price may breakout higher towards Resistance 1 (1889 area) before jumping further to 1908 (Resistance 2).

On the other hand, Support 1, which is at the 1851 area is currently being eyed by the Bears.

A break below that level may definitely take price to Support 2 (1832 area)

Overall bias on the 4 hour chart shows a Ranging market.

Resistance 3

1927.20

Resistance 2

1908.61

Resistance 1

1889.34

Pivot Point

1870.75

Support 1

1851.48

Support 2

1832.89

Support 3

1813.62

 

DAILY TIME FRAME:

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

Resistance 1

1856

Pivot Point

1832.35

Support 1

1818.84

Remember that price closed for the week well above the weekly pivot (1832.35). Weekly pivot is currently below Daily Pivot (1870.75).

Weekly Resistance is at 1856

While weekly Support is at 1818.64.

Price is currently above the Weekly Resistance point.

There is a chance of Higher rise in price of XAUUSD before the week runs out.

 

Fundamentals (News):

The following data/news release will happen today.

High Impact news today is German Producer Price Index data. This data will drop in the London session at 06:00 GMT.

High Impact news today is ECB’s President Lagarde speech. This data will drop in the Newyork session at 12:00 GMT.

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

 

 

 

BTC: 3Lrsk2Qzmoi1w1MwHvUL5ooqUJKbKUUvUz

Referral links;

(Volatility Index Broker:…https://track.deriv.com/_WxWzztorkVi2vdm9PpHVCmNd7ZgqdRLk/1/)

(Broker: Alpari …   https://alpari.com/en/?partner_id=1244646)

(Broker: Exness … https://www.exness.com/a/t0q1u0q1)

(Broker: FXTM… http://forextime.com/?partner_id=4806145)

(Email: beanfxtrader@gmail.com)

(Telegram:  https://t.me/joinchat/AAAAAE97zaWdZg5KBbrIVQ)