Gold Market Cap 24th 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 21st May 2021 is above the pivot point (pivot point is 1880.34, while closing price is 1881.67).
1 hr Time Frame:Basically, price is currently in a Bullish structure on the one hour time frame. We currently have a Higher Higher (1890) on the 1hour time frame. Bulls 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 1899 (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. Price has tested the 1890 zone twice and Sellers rejected price. We can now see that price is forming Higher Lows. Breakout to the upside may only happen in a matter of few days from now, if it does not happen come Monday 24th May 2021. A break of 1890 area (Resistance 1) will take price to 1899 (Resistance 2). Sellers will now focus on pushing price down to the Support 1 area (1871 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 is used as a Buying point by the Bulls.
However, Sellers will need to break the immediate Support zone first (1855 area).That said, Bulls have already doubled the reinforcement below Support 1 at 1871 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 (1871 zone). The 200 Simple Moving Average SMA is currently below price at the 1851 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1890, 1899, and 1909.
Support: 1874, 1855, and 1852.
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 1853 area.
Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.
Daily Time Frame:Market is currently closed for the week. Traders are waiting to Buy XAUUSD come Sunday night when market opens. This is anticipated because price closed at the Daily Resistance area. It also depends on how market opens.
It may open with big gap up. Here, further Buying of XAUUSD may not be advised if market opens with a Big gap up.Market price may open either above or below the previous day pivot. Bulls may want to seize advantage and possibly push price upwards by the end of the day if it opens below. On the other hand, Bears may want to take advantage and possibly push price downwards by the end of the day if it opens above. 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.
Current High/Resistance (1890 level) may now turn to our Support in the next few weeks if price breaks Higher.
Medium Impact news on Monday is Chicago Fed National Activity Index data coming up in the Newyork session at 12:30 GMT.
Another Medium Impact news on Monday is Fed’s Brainard speech coming up in the Newyork session at 13:00 GMT.
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