The FX Market 7th May 2021

This page will give followers daily access to free daily fx market analysis for Forex pairs, with a focus on the gold market cap.

XAUUSD 1HR TF:

Gold is currently Bullish on the daily time frame. Price close for 6th May 2021 is just above the pivot point (pivot point is 1805.04, while closing price is 1815.15).

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  

1 hr Time Frame:

Price is currently back in a Bullish structure on the one hour time frame. We have a breakout of the ten days Range, with price breaking the range top at 1797 area in the last trading session. Bulls were able to build enough Buying pressure, thereby making the 1797 ceiling to give way. At the same time, Sellers were unable to close price below the 1774 area. Higher High price point is currently forming on the one hour time frame. A break of the current high 1817 will take price to 1828 area (Resistance 1). Sellers will now focus on pushing price down to the Pivot Point area (1805 area). Below the Pivot point is 1797, which was the ten days’ Range High. 1797 zone may serve as a support if price decides to head South (chances are slim for the Bears to take charge now). Technically, the Bulls are currently in control as every slide in price will be used as a Buying point by the Bulls. However, Sellers will need to break the immediate Support zone first (1797 area).   That said, Bulls have already doubled the reinforcement below the Pivot point at 1805 zone, ready to defend that zone. We believe that this zone will serve as a minor support near term. Sellers will now try, by all means to push price below the Pivot Point zone (1805 zone). The 200 Simple Moving Average SMA is currently far below price at the 1780 area.

4 hr Time Frame:

Here, we will be taking a look at the Golden Cross on the four hour time frame. Currently on the 4 hour time frame, the Golden Cross is still in place as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took total advantage of the opportunity back then (15th April 2021), and it is currently a leverage for the Buyers. Price is now far above the 50 SMA. The effect of the current Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.  

Daily Time Frame:

Market opened at 1814.57 well above previous day pivot (previous day pivot is 1805.04). Bears may want to take advantage of this to push price downwards by the end of the day. Technically, we currently have a Bullish market structure which is visible on the Daily chart.

Fundamentals:

Medium Impact news for today is German Industrial Production data coming up in the London session at 06:00 GMT. High Impact news for today is U.S Nonfarm Payrolls coming up in the Newyork session at 12:30 GMT. Medium Impact news for today is Canada Ivey Purchasing Managers Index data coming up in the Newyork session at 14:00 GMT.

Check Out XAUUSD Previous Forecast:

The FX Market 6th May 2021 The FX Market 5th May 2021

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