The FX Market 10th May 2021

This page will give readers daily access to free daily fx market analysis for Forex pairs, with a focus on the gold market cap.

XAUUSD 1HR TF:

Gold is currently Bullish on the daily time frame. Price close for 7th May 2021 is just above the pivot point (pivot point is 1828.93, while closing price is 1830.78).

Resistance 3

1875.53

Resistance 2

1859.38

Resistance 1

1845.08

Pivot Point

1828.93

Support 1

1814.63

Support 2

1798.48 Support 3 1784.18  

1 hr Time Frame:

Price is currently in a Bullish structure on the one hour time frame. We now have a Higher Higher (1842) on the 1hour time frame. Buyers will be looking for a Bullish continuation. Apparently, 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 rice above the 1800 mark.. Bullish structure is now intact on the the 1hour time frame and a break of the current high 1842 will take price to 1845 (Resistance 1). Sellers were unable to put up any strong Resistance since the sharp rise from 1797 area until price tested the 1842 area. Higher High price point is currently forming on the one hour time frame. A break of 1845 area (Resistance 1) will take price to 1859 (Resistance 2). Sellers will now focus on pushing price down to the Pivot Point area (1828 area). 1825 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 (1814 area), Support 1.   That said, Bulls have already doubled the reinforcement below the Pivot point at 1828 zone, ready to defend that zone. A stronger Support zone is at 1817 area. We believe that this zone will serve as a minor support near term. Sellers will now try, by all means to push price below the Pivot Point zone (1828 zone). The 200 Simple Moving Average SMA is currently far below price at the 1785 area. Levels to watch on 1hr time frame: Resistance: 1842, 1845, 1859 and 1875. Support: 1828, 1825, 1817, 1814 and 1798.

4 hr Time Frame:

Here, we will be taking a look at the Golden Cross on the 4 hour time frame. Currently on the 4 hour time frame, the Golden Cross is still in place as the 50 SMA crossed above the 200 SMA at 1729 area. Buyers took total advantage of the opportunity back then (15th April 2021), and it is currently a leverage for the Bulls. Price is now far above the 50 SMA. The effect of the current Bullish Golden Cross is still strong. Price may see more upside movement as a result of this. Possibility of a Range at this point may not be ruled out.

Daily Time Frame:

Market is currently closed. Traders are waiting to Sell come Sunday night when market opens. This is anticipated as a result of the long wick on the latest Daily candlestick. It also depends on how market opens. It may open with big gap down. Here, further selling of XAUUSD may not be advised 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 Bullish market structure which is visible on the Daily chart. Price is also moving in an ascending channel. Previous High/Resistance (1797 level) may now turn to our Support in the next few weeks if price retraces.

Fundamentals:

Economic calendar is very light on Monday for the London and Newyork sessions.

Check Out XAUUSD Previous Forecast:

The FX Market 7th May 2021 The FX Market 6th May 2021

Check Out Other Stories:

    ——————————————————————————— ——————————————————————————— ——————————————————————————— ——————————————————————————— ———————————————————————————