Gold Market Cap 18th May 2021

This page will give followers daily access to free daily XAUUSD and Forex price analysis, with a focus on the gold market cap.

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XAUUSD 1HR TF:

Gold is currently Bullish on the daily time frame. Price close for 14th May 2021 is well above the pivot point (pivot point is 1859.45, while closing price is 1866.58).

Resistance 3

1900.35

Resistance 2

1884.34

Resistance 1

1875.46

Pivot Point

1859.45

Support 1

1850.57

Support 2

1834.56

Support 3

1825.68  

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1 hr Time Frame:

Price is currently back in a Bullish structure on the one hour time frame. We have a breakout of the five days Range, with price breaking the range top at 1845 area in the last trading session. Bulls were able to build enough Buying pressure, thereby making the 1845 ceiling to give way.

At the same time, Sellers were unable to close price below the 1836 area.

Higher High price point is currently forming on the one hour time frame.

A break of the current high 1868 will take price to 1875 area (Resistance 1). Sellers will now focus on pushing price down to the Pivot Point area (1859 area). Below the Pivot point is 1845, which was the five days’ Range High. 1845 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 dip in price will be used as a Buying point by the Bulls.

However, Sellers will need to break the immediate Support zone first (1850 area).

  That said, Bulls have already doubled the reinforcement below Support 1 at 1850 zone, ready to defend it, if 1859 breaks. We believe that the 1850 zone will serve as a major support near term. Bears will now try, by all means to push price below Support 1 (1850 zone). The 200 Simple Moving Average SMA is currently below price at the 1826 area.

It (200 SMA) is also turning up at a much faster rate towards price.

Levels to watch on 1hr time frame:

Resistance: 1875, 1884 and 1900.

Support: 1859, 1855, 1850 and 1845.

4 hr Time Frame:

In this section, we will be analyzing the Golden Cross on the 4 hour time frame. Currently on the 4 hour time frame, the Golden Cross is running the show as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took advantage of this opportunity back then (15th April 2021), and it is currently a leverage for the Bulls. Price is now far above the 50 SMA after bouncing off at the Area of Value, 1811 zone.

The effect of the current Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.

Price is now rising High.

The 50 SMA is currently at 1829 area.

Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.

Daily Time Frame:

Market opened at 1866.62 well above previous day pivot (previous day pivot is 1859.45). 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.

Daily price is currently printing Higher High, Higher Low levels.

Price is also moving in an ascending channel.

Previous High/Resistance (1845 level) may now turn to our Support in the next few weeks.

   

Fundamentals:

High Impact news today is Claimant Count Change data coming up in the London session at 06:00 GMT.

Another High Impact news today is E.U Gross Domestic Product coming up in the London session at 09:00 GMT.

High Impact news today is ECB’s President Lagarde speech  coming up in the Newyork session at 14:00 GMT.

 

Check Out XAUUSD Previous Forecast:

Gold Market Cap 17th May 2021

The FX Market 14th May 2021

 

Check Out Other Stories:

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