The Hourly View for Gold
- At the time of this writing, XAUUSD’s price is up $0.41 (0.02%) from the hour prior.
- The hourly chart shows that Gold has seen 2 straight up hours.
- If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes.
- Of note is that the 100 hour changed directions on XAUUSD; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
Gold’s hourly price chart is shown below.
The Daily View for Gold
- At the time of this writing, XAUUSD’s price is down $-3.03 (-0.17%) from the day prior.
- This move is a reversal from the day prior, which saw price move up.
- As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Gold bulls’ revenge will be sweet (Update 1) you may find interesting:
Hi guys,Goldy is rangebound for over a week now and I am expecting a breakout this week. Today is the last day for Basel III, and I expect the metalbanks to start buying gold this week with ADP & NFP functioning as the fundamental catalyst. Gold bulls have done a terrific job so far to de-accelerate the selling and dips are being bought pretty quickly. We have a beautiful golden cross formation on the daily timeframe, and a (very rare) bullish Harami candle formation on the weekly TF, which is a strong buy signal.Still expecting a test of the 1750-1755 zone (maybe even 1740-1745), but for me it’s prett…