XAUUSD Pivot 7th May 2021

This page will give 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 in focus for today’s pivot analysis for XAUUSD.

XAUUSD 4HR TF:

Gold price closed on the 6th May, 2021 at 1815.15. Opening price for today is 1814.57.

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

Pivot for the day is 1805.04 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 Bullish structure.

Bulls are actually waiting for the impetus that will cause them to take price much higher.

However, on the 4hr chart, we have the formation of Higher Higher.

Price may breakout higher towards Resistance 1 (1828 area) before jumping further to 1841 (Resistance 2).

Support 1, which is at the 1792 area is currently being eyed by the Bears.

A break below that level will definitely take price to Support 2 (1768 area)

Overall bias on the 4 hour chart is now Bullish. (Buyers may buy every dip).

Resistance 3

1864.27

Resistance 2

1841.16

Resistance 1

1828.15

Pivot Point

1805.04

Support 1

1792.03

Support 2

1768.92

Support 3

1755.91

DAILY TIME FRAME:

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

Resistance 1

1787.16

Pivot Point

1771.64

Support 1

1753.37

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.

Fundamentals (News):

The following data/news release will happen today.

Medium Impact news for today is German Industrial Production data.  This data will drop in the London session at 06:00 GMT.

High Impact news for today is U.S Nonfarm Payrolls. This data will drop in the Newyork session at 12:30 GMT.

Medium Impact news for today is Canada Ivey Purchasing Managers Index data. This data will drop in the Newyork session at 14:00 GMT.

 

 

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