Gold Market Cap 26th 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:XAUUSD is currently Bullish on the daily time frame. Price close for 25th May 2021 is above the pivot point (pivot point is 1881.11, while closing price is 1899.11).
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 1890 area in the last trading session. Bulls were able to build enough Buying pressure, thereby making the 1890 ceiling to give way.
At the same time, Sellers were unable to close price below the 1855 area.
Higher High price point is currently forming on the one hour time frame.A break of the current high 1900 will take price to 1908 area (Resistance 1). Sellers will now focus on pushing price down to the Pivot Point area (1890 area).
The Pivot point 1890, happens to be the five days’ Range High level.1890 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 (1881 area).That said, Bulls have already doubled the reinforcement below Support 1 at 1881 zone, ready to defend it. We believe that the 1881 zone may serve as a major support near term. Bears will now try, by all means to push price below Support 1 (1881 zone). The 200 Simple Moving Average SMA is currently below price at the 1864 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1908, 1918, and 1936.
Support: 1890, 1881, 1874, and 1863.
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 as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took advantage of this Cross 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 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 1868 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 1898.70 well above previous day pivot (previous day pivot is 1890.63). 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 (1890 level) may now turn to our Support in the next few weeks.
Medium Impact news is Swiss ZEW Survey – Expectations data coming up in the London session at 08:00 GMT.
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