Gold Market Cap 19th May 2021This page will give followers daily access to free daily XAUUSD and Forex price analysis, with a focus on the gold market cap.
XAUUSD 1HR TF:Gold is currently Bullish on the daily time frame. Price close for 18th May 2021 is well above the pivot point (pivot point is 1869.22, while closing price is 1869.57).
1 hr Time Frame:Price is currently in a Bullish structure on the one hour time frame. We now have a Higher Higher (1874) on the 1hour time frame. Buyers will be looking for a Bullish continuation.
Obviously, Bullish structure is intact on the 1hr time frame. The question is, will price Range for now or will it reverse?Bulls are now in charge as price of XAUUSD continues to rise towards 1900 mark..
Bullish structure is now intact on the the 1hour time frame and a break of the current high 1874 will take price to 1881 (Resistance 2).
Sellers were unable to put up any strong Resistance since the sharp rise from 1845 area until price tested the 1874 area.Higher High price point is currently forming on the one hour time frame. A break of 1875 area (Resistance 1) will take price to 1881 (Resistance 2). Sellers will now focus on pushing price down to the Pivot Point area (1869 area).
1855 zone may serve as 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 (1863 area), Support 1.That said, Bulls have already doubled the reinforcement below Support 1 at 1863 zone, ready to defend it. We believe that the 1845 zone may serve as a major support near term. Bears will now try, by all means to push price below Support 1 (1863 zone). The 200 Simple Moving Average SMA is currently below price at the 1835 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1875, 1881 and 1887.
Support: 1863, 1857, 1851 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 1838 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 1869.05 below previous day pivot (previous day pivot is 1869.22). Bears may want to take advantage of this to push price upwards 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.
High Impact news today is U.K Consumer Price Index data coming up in the London session at 06:00 GMT.
Another High Impact news today is BoC Consumer Price Index Core coming up in the Newyork session at 12:30 GMT.
High Impact news today is U.S FOMC Minutes coming up in the Newyork session at 18:00 GMT.
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