Gold Came Into Today Down -0.32%

The Hourly View for Gold

  • Currently, XAUUSD’s price is down $-0.2 (-0.01%) from the hour prior.
  • Gold has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Gold. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly 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.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • At the moment, XAUUSD’s price is down $-6.17 (-0.32%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled Gold setup for this week you may find interesting:

Hi, hope you have a good day today! So my views on gold is I am expecting price to go up to 1944 seeing situation of US market but I am bearish on gold for this year. I will look fo…

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