The FX Market 3rd May 2021This page will give readers daily access to free forecast for Forex pairs for day. With a focus on the gold market cap.
XAUUSD 1HR TF:Gold is currently ranging on the daily time frame (eight days of Range). Price close for 30th April 2021 is above the pivot point (pivot point is 1768.87, price close is at 1768.90).
Support 21759.49 Support 3 1754.81
1 hr Time Frame:Price is currently ranging on the one hour time frame for eight days, and the top remains at 1797 area. The currently situation may be classified as, price is at the accumulation stage. Although, price is in a range, yet the bottom of the range remains at 1756 area. The defense by the Buyers (at 1763 zone), is currently holding as the Bears were unable to break and close price below the zone. This is currently making price to form an Inverted Head and Shoulder Price Pattern on the one hour time frame. Basically, the overall price structure still remains a Ranging structure. Technically, the bottom of the range is 1756, while the top is 1797. Bears may want to push price below 1763 area in order to achieve a full break of the current Ranging structure. A break of the current high 1773 (Resistance 1) will take price to 1778 area and later, 1783 (Resistance 3). Sellers may continue to mount pressure on 1763 zone, and below is 1759 zone where we have Support 2. Technically, a Range Low area (1756) is the likely main defense point for the Buyers. However, Sellers will need to break the immediate Support zone first (1759 area). It will be a source of concern to the Bulls if the Sellers push price below the Range Low area. Analytically, break and close of price below 1756 will give the Bears some level of hope. That said, Bulls have already doubled the reinforcement below the 1756 zone, ready to put in a strong support. We believe that this zone will serve as a support near term. Moreover, the Buyers are currently lining a strong Support at the closest Low (1763 zone) on the 1 hour time frame. Buyers will now try, by all means to push price above the nearest Resistance level (1774 zone). The 200 Simple Moving Average SMA is currently well above price at the 1778.80 area. Price sliding further below the 200 SMA is a source of concern for the Buyers. Any attempt by the Bulls, to push price up close to the 200 SMA, will surely meet with stiff resistance from the Sellers.
4 hr Time Frame:Here, we will be taking a look at the Golden Cross. Currently on the 4 hour time frame, the Golden Cross is well 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), and it is currently a leverage for the Buyers. Price is currently drifting below the 50 SMA. A sharp drop of price below the 200 SMA on the four hour chart will negate the effect of the current Bullish Golden Cross.
Daily Time Frame:Market is currently closed. Market price may open either above or below the previous day pivot. Bulls may want to take 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. We have an Inside Bar Candlestick as the latest daily candle. This implies that price may either slide down or go up at the start of Day. Eventually, we may have price ending the day with a Bullish or Bearish Candle depending on the Breakout direct of the Inside Bar.
Fundamentals:High Impact news for Monday is German Retail Sales data coming up in the London session at 07:00 GMT. Medium Impact news for Monday is Canada Markit Manufacturing PMI data coming up in the Newyork session at 14:30 GMT. High Impact news for Monday is U.S Markit Manufacturing PMI data coming up in the Newyork session at 15:00 GMT.
Check Out XAUUSD Previous Forecast:The FX Market 30th April 2021 The FX Market 29th April 2021
Check Out Other Stories:
How To Calculate Pivot Point Four Key Trading Habits My Two Cents The Trade And The Sniper Bursting Bubble Trader I Blew It Again!
Referral Links; (Volatility Index Broker:…https://track.deriv.com/_WxWzztorkVi2vdm9PpHVCmNd7ZgqdRLk/1/) (Broker: Alpari … https://alpari.com/en/?partner_id=1244646) (Email: firstname.lastname@example.org)