The FX Market 13th May 2021

This page will give followers 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 Ranging on the daily time frame. Price close for 12th May 2021 is well below the pivot point (pivot point is 1824.27, while closing price is 1816.04).

Resistance 3

1865.81

Resistance 2

1854.71

Resistance 1

1835.37

Pivot Point

1824.27

Support 1

1804.93

Support 2

1793.83

Support 3

1774.49   Amazon Reload

1 hr Time Frame:

Price is currently moving in a Ranging structure on the one hour time frame. We now have 1845 as the Range top, and the new Range bottom is 1813. The defense by the Bulls (at 1817 zone), was summarily neutralized by the Bears. Sellers were able to break and close price below that zone. Bears may want to push price lower to 1797 zone in a bid to achieve a full break of the current Bullish structure. A break of the Pivot level (1824 area) will take price to 1797 zone. However, a break above Resistance 1 (1835 area) will take price to the Range top (1845 zone). The Resistance at the 1842 area, is currently holding. Buyers were unable to break that level in the last session. More Sellers are now lining at the Pivot Point area (1824 zone). This is now the first hurdle before the Bulls. A break of 1804 level (Support 1) will push price down towards 1979 zone. If 1979 level gives way, the next Support level is 1793 (Support 2) . Technically, price is Ranging on the 1hr time frame. That said, Bulls have already doubled the reinforcement below Support 1 at 1804 zone, ready to defend that zone. A stronger Support zone is at 1797 area. We believe that this zone will serve as a major support near term. Buyers will now try, by all means to push price above the Pivot Point zone (1824 zone). The 200 Simple Moving Average SMA is currently below price at the 1806 area. It (200 SMA) is also turning up at a much faster rate towards price. Levels to watch on 1hr time frame: Resistance: 1824, 1835, 1845 and 1854. Support: 1804, 1797, 1793 and 1774.

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. Price is now Ranging at this point. Sellers may have some level of hope if price drops below the 50 SMA (1808 area).

Daily Time Frame:

Market opened at 1814.80 well below previous Day pivot. Bulls may want to seize advantage and possibly push price upwards by the end of the day. Price is currently Ranging on the Daily chart. Range top is 1845, Range bottom is now 1813. From another perspective, price may have formed a top. We may be seeing an Evening Star Candlestick Pattern on the Daily time frame, that may take price to 1730 level.  

Fundamentals:

Medium Impact news for today is U.S Initial Jobless Claims data coming up in the Newyork session at 12:30 GMT. High Impact news for today is BoC’s Governor Macklem speech   coming up in the Newyork session at 15:00 GMT. Another High Impact news for today is BoE’s Governor Bailey speech  coming up in the Newyork session at 16:00 GMT.  

Check Out XAUUSD Previous Forecast:

The FX Market 12th May 2021 The FX Market 11th May 2021  

Check Out Other Stories:

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