XAUUSD Pivot 24th 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 21st May, 2021 at 1881.67.

Higher Daily price open 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 will close Bullish at the end of the day.

Pivot for the day is 1880.34 and this will be checked in line with the market open price.

The 4hr chart is currently showing that market price is currently Ranging upwards.

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

You may expect Range breakout soon. Upside is favored for now.

Price may breakout higher towards Resistance 2 (1899 area) before jumping further to 1909 (Resistance 3).

On the other hand, Support 1, which is at the 1871 area is currently being eyed by the Bears.

A break and close below that level may definitely take price to Support 2 (1861 area)

Overall bias on the 4 hour chart shows a Ranging market that may breakout upward soon.

Resistance 3

1909.97

Resistance 2

1899.65

Resistance 1

1890.66

Pivot Point

1880.34

Support 1

1871.35

Support 2

1861.03

Support 3

1852.04

 

DAILY TIME FRAME:

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

Resistance 1

1899.97

Pivot Point

1871.71

Support 1

1853.40

Remember that price closed for the week well above the weekly pivot (1871.71). Weekly pivot is currently below Daily Pivot (1880.34).

Weekly Resistance is at 1899

While weekly Support is at 1853.

Price is currently above the Weekly Pivot point.

There is a chance that price may test the Resistance level (1899) on the Weekly time frame during the week.

 

Fundamentals (News):

The following data/news release will happen on Monday.

Medium Impact news on Monday is Chicago Fed National Activity Index data.

This data will drop in the Newyork session at 12:30 GMT.

Another Medium Impact news on Monday is Fed’s Brainard speech.

This data will drop  in the Newyork session at 13:00 GMT

 

 

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