The FX Market 5th May 2021This page will give followers daily access to free daily analysis for Forex pairs, with a focus on the gold market cap.
XAUUSD 1HR TF:Gold is currently ranging on the daily time frame (nine days of Range). Price close for 4th May 2021 is below the pivot point (pivot point is 1783.05, price close is at 1779.21).
Support 21754.97 Support 3 1739.01
1 hr Time Frame:Price is currently ranging on the one hour time frame for ten days, with price recently testing the range top at 1797 area. Bullish pressure is currently not strong enough to break the 1797 ceiling. At the same time, Bears were unable to close price below the 1774 area. As you can see on the chart, the defense by the Buyers (at 1774 zone) held. Sellers are all lined up at the 1797 zone. A break of the current high 1797 will take price to 1811 area (Resistance 2) and later, 1823 (Resistance 3). Sellers may continue to mount pressure on 1774 zone, and below is 1767 zone where we have Support 1. Technically, the Range Low area (1756) is the likely last defense point for the Buyers. However, Sellers will need to break the immediate Support zone first (1774 area). It will be a source of concern to the Bulls if the Sellers push price below the Range Low area 1756. That said, Bulls have already doubled the reinforcement below the 1774 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 (1771 zone) on the 1 hour time frame. Buyers will now try, by all means to push price above the nearest Resistance level (1795 zone). The 200 Simple Moving Average SMA is currently slightly below price at the 1778 area.
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 around 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.
Daily Time Frame:Market opened at 1778.27 below previous day pivot. Bulls may want to take advantage of this to push price upwards by the end of the day. Technically, we currently have a Ranging market structure which is visible on the Daily chart.
Fundamentals:Medium Impact news for today is Eurozone Markit PMI Composite data coming up in the London session at 09:00 GMT. High Impact news for today is U.S ADP Employment Change coming up in the Newyork session at 13:15 GMT.
Check Out XAUUSD Previous Forecast:The FX Market 4th May 2021 The FX Market 3rd May 2021
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