Note

Gold Market Cap 17th May 2021

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#OPINIONLEADER#

Gold is currently Ranging on the daily time frame. Price close for 14th May 2021 is well above the pivot point (pivot point is 1836.01, while closing price is 1842.49).


1 hr Time Frame:

Price is currently moving in a Ranging structure on the one hour time frame. We have 1845 as the Range top, and Range bottom is 1808.70. XAUUSD price is now at the Range Top zone. Buyers are now optimistic as a result of this development.

Bulls are currently waiting for fresh impetus in order to push price to 1875 area (Resistance 3).

However, the Pivot Point (1836 zone) is the muster point for the Bulls. Lots of Buyers are waiting patiently at the 1836 level to defend it. Higher Low at the 1808 level where we have price bouncing off the 200 SMA has been established. The question that comes to mind now is, is XAUUSD price on it’s way to form Higher High price? Remember that, Bullish trend or structure usually forms Higher LowHigher High points. Obviously, only time can tell.

However, the probability that Sellers can close price below the 1808 zone (Higher Low area) is getting smaller.

Is it a lost cause for the Bears? We may find out next week.

Bullish structure is intact as Bears were unable to push price lower to 1797 zone in a bid to achieve a full break of the structure.

Basically, Range structure is now threatened as price may breakout high next week. The Range Top (1845 area) will definitely serve as support level when price eventually breaks Higher. A break of the Pivot level (1836 area) will take price to 1826 zone (Support 1). However, a break above Range Top (1845 zone) will take price to Resistance 1 (1852 area). More Sellers are now lining at the Resistance 1 area (1852 zone). This is now the first hurdle before the Bulls.

A break of 1826 level (Support 1) will push price down towards 1809 zone (Support 2).

If 1809 level gives way, the next Support level is 1800 (Support 2).

Technically, price is Ranging on the 1hr time frame, and it is at the Range Top (1845 zone).


4 hr Time Frame:

n 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 the show as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took advantage of this opportunity 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 Value1811 zone.

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 at the Range Top at this point.

The 50 SMA is currently at 1818 area.

Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.


Gold Market Cap 17th May 2021




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