Gold Market Cap 25th May 2021This page will give followers daily access to free daily XAUUSD and Forex price analysis, with a focus on the gold market cap.
XAUUSD 1HR TF:XAUUSD is currently Bullish on the daily time frame. Price close for 24th May 2021 is above the pivot point (pivot point is 1881.11, while closing price is 1881.28).
1 hr Time Frame:Basically, price is currently in a Bullish structure on the one hour time frame. We currently have a Higher Higher (1890) on the 1hour time frame and price has been tested this level twice recently. Bulls are desperately looking for a Bullish continuation.
Obviously, Bullish structure is intact on the 1hr time frame. Price is currently Ranging for now.Bulls are currently in charge as price of XAUUSD continues to rise towards 1900 mark.
Bullish structure is still intact on the the 1hour time frame and a break of the current high 1890 will take price to 1898 (Resistance 3).Buyers were unable to break the Range top (1890 area) in the last session as price continues to Range upwards.
Sellers were unable to put up any strong Resistance since the sharp rise from 1845 area until price tested the 1874 area.Bears also pushed price down twice at the 1890 zone but the Resistance did not last for long as Buyers continue to dominate. Higher High price point is currently forming on the one hour time frame. The formation of Higher Low may start to occur if the Bulls fail to push price above the 1890 zone. On the flip side, we may expect Breakout to the upside to happen in a matter of hours from now. A break of 1887 area (Resistance 1) will take price to 1892 (Resistance 2). Sellers will now focus on pushing price down to the Support 1 area (1875 area).
1874 and 1855 zones may serve as supports if price decides to head South.
Technically, the Bulls are currently in control as every dip in price is used as a Buying point by the Bulls.
However, Sellers will need to break the immediate Support zone first (1855 area).That said, Bulls have already doubled the reinforcement below Support 1 at 1875 zone, ready to defend it. We believe that the 1845 zone may serve as a major support near term. Bears will now try, by all means to push price below Support 1 (1875 zone). The 200 Simple Moving Average SMA is currently below price at the 1857 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1887, 1892, and 1998.
Support: 1875, 1869, 1863, and 1855.
4 hr Time Frame:In this section, we will be analyzing the Golden Cross on the 4 hour time frame. Currently on the 4 hour time frame, the Golden Cross is running as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took advantage of this Cross back then (15th April 2021), and it is currently a leverage for the Bulls. Price is now far above the 50 SMA after bouncing off at the Area of Value, 1811 zone.
The effect of the Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.
Price is now rising High.
The 50 SMA is currently at 1858 area.
Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.
Daily Time Frame:Market opened at 1880.71 below previous day pivot (previous day pivot is 1881.11). Bulls may want to take advantage of this to push price upwards by the end of the day. Technically, we currently have a Bullish market structure which is visible on the Daily chart.
Daily price is currently printing Higher High, Higher Low levels.
Price is also moving in an ascending channel.
Previous High/Resistance (1845 level) may now turn to our Support in the next few weeks.
Medium Impact news is German Gross Domestic Product data coming up in the London session at 06:00 GMT.
Another Medium Impact news is German IFO – Business Climate coming up in the London session at 08:00 GMT.
Check Out XAUUSD Previous Forecast:
Check Out Other Stories: