Gold Market Cap 21st 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 20th May 2021 is above the pivot point (pivot point is 1874.95, while closing price is 1877.21).

Resistance 3

1906.20

Resistance 2

1895.03

Resistance 1

1886.12

Pivot Point

1874.95

Support 1

1866.04

Support 2

1854.87

Support 3

1845.96  

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1 hr Time Frame:

Basically, price is currently in a Bullish structure on the one hour time frame. We now have a Higher Higher (1890) on the 1hour time frame. Buyers will be looking for a Bullish continuation.

Obviously, Bullish structure is intact on the 1hr time frame. Price is currently Ranging for now.

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 1890 will take price to 1908 (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 1886 area (Resistance 1) will take price to 1908 (Resistance 2). Sellers will now focus on pushing price down to the Pivot Point area (1874 area).

1855 zone may serve as support if price decides to head South.

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 (1855 area).

  XAUUSD 1hr 21st May 2021 That said, Bulls have already doubled the reinforcement below Support 1 at 1866 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 (1866 zone). The 200 Simple Moving Average SMA is currently below price at the 1847 area.

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

Levels to watch on 1hr time frame:

Resistance: 1886, 1895, and 1906.

Support: 1866, 1855, 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 1843 area.

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

XAUUSD 4hr golden cross 21st MAY 2021

Daily Time Frame:

Market opened at 1877.99 below previous day pivot (previous day pivot is 1877.72). Bulls 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.

     

Fundamentals:

High Impact news today is German Markit Manufacturing PM data coming up in the London session at 07:30 GMT.

High Impact news today is Canada Retail Sales  coming up in the Newyork session at 12:00 GMT.

 

Check Out XAUUSD Previous Forecast:

Gold Market Cap 20th May 2021

Gold Market Cap 19th May 2021

How To Calculate Pivot Point

Check Out Other Stories:

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