The FX Market 11th 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 10th May 2021 is just below the pivot point (pivot point is 1836.93, while closing price is 1835.47).

Resistance 3

1859.48

Resistance 2

1852.45

Resistance 1

1843.96

Pivot Point

1836.93

Support 1

1828.44

Support 2

1821.41 Support 3 1812.92  

1 hr Time Frame:

Price is currently in a Bullish structure on the one hour time frame. We now have a Higher Higher (1845.42) 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, has price Range started yet? Bulls are now in charge as price of XAUUSD continues to rise above the 1800 mark.. Bullish structure is now intact on the the 1hour time frame and a break of the current high 1845.42 will take price to 1852 (Resistance 2). Sellers were able to put up a Resistance as price tested the 1845 area. Pin Bar candlestick is now formed on the Daily time frame. A break of 1843 area (Resistance 1) will take price to 1852 (Resistance 2). Sellers will now focus on pushing price down to Support 1 area (1828 area). If Support 1 (1828 zone) gives way, the next Support level is 1821 (Support 2) . 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 (1828 area), Support 1.   That said, Bulls have already doubled the reinforcement below Support 1 at 1828 zone, ready to defend that zone. A stronger Support zone remains 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 (1836 zone). The 200 Simple Moving Average SMA is currently far below price at the 1792.75 area. It (200 SMA) is also turning up at a much faster rate towards price. Levels to watch on 1hr time frame: Resistance: 1843, 1845, 1852 and 1875. Support: 1828, 1821, 1817, and 1812.

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. Bulls 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 opened at 1836 below previous Day pivot. Bulls may want to seize advantage and possibly push price upwards by the end of the day. Technically, price may dip today a result of the long wick on the latest Daily candlestick. We now have a Pin Bar on the Daily chart. Price may also Range for some days before continuation of upward movement or price retracement.  

Fundamentals:

Medium Impact news for today is German ZEW Survey data coming up in the London session at 09:00 GMT. High Impact news for today is BoE’s Governor Bailey speech coming up in the London session at 14:30 GMT.  

Check Out XAUUSD Previous Forecast:

The FX Market 10th May 2021 The FX Market 7th May 2021

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