Gold Market Cap 31st 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:

XAUUSD is currently Ranging on the daily time frame. Gold price closed above the 1900 psychological level for the first time since 8th January 2021 (closed at 1903.10). Price close for 28th May 2021 is also above the pivot point (pivot point is 1897.05, while closing price is 1903.10). However, price is currently in the mode of closing above previous Day Pivot level in recent trading days.

The consecutive daily closure above previous Day Pivot point, can be said to be the reason for the continuous Bullish price move of XAUUSD.

Resistance 3

1935.59

Resistance 2

1920.73

Resistance 1

1911.91

Pivot Point

1897.05

Support 1

1888.23

Support 2

1873.37

Support 3

1864.55  

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1 hr Time Frame:

Price is currently in a Ranging structure on the one hour time frame.

Range Top is 1912 while the new Range Bottom is 1882.

Bears were unable to close price below the 1890 Strong Support zone in the previous trading session. The 200 SMA was briefly tested at 1882 level and this is our latest Area of Value on the 1 hour time frame.

A break of the current high 1912 will take price to 1920 area (Resistance 2).

Resistance 1 is currently at 1911 zone. You will recall that the 1911 point was the same Resistance 1 level calculated in our last publication, for 28th May 2021.

This may be an indication that the 1911 zone may serve as a Strong Resistance zone.

Sellers will now focus on pushing price down below the Support 1 area (1888 area). You will recall that the 1888 point was the same Support 1 level calculated in our last publication, for 28th May 2021.

This may be a pointer that the 1888 zone may serve as a Strong Support zone.

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

The Pivot point 1897.05, is currently below closing price (closing price is 1903.10).

1888 zone may serve as a 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 (1888 area).

  That said, Bulls have already doubled the reinforcement below Support 1 at 1888 zone, ready to defend it. The 200 Simple Moving Average SMA is currently below price at the 1884 area.

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

Levels to watch on 1hr time frame:

Resistance: 1911, 1920, and 1935.

Support: 1888, 1882, 1873, and 1864.

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 currently above the 50 SMA after bouncing off at the latest Area of Value, 1883 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 1885 area while the 200 SMA is at 1816 level on the 4 hour time frame.

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 next week. This is anticipated because price closed above the 1900 psychological level for the first time since January 2021. It also depends on how market opens.

It may open with big gap down. Here, further Buying of XAUUSD may be recommended if market opens with a Big gap down.

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 Ranging market structure which is visible on the Daily chart.

Price is moving in an ascending channel.

Current Low/Support (1888 level) may continue to serve as Support to price.

 

Fundamentals:

High Impact news on Monday is German Harmonized Index of Consumer Prices data coming up in the London session at 12:00 GMT.

Medium Impact news on Monday is Canada’s Current Account data coming up in the Newyork session at 12:30 GMT.

Check Out XAUUSD Previous Forecast:

Gold Market Cap 28th May 2021

Gold Market Cap 27th May 2021

How To Calculate Pivot Point

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