The Hourly View for Gold
- At the time of this writing, XAUUSD’s price is up $2.52 (0.15%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved down.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Of note is that the 20 hour changed directions on XAUUSD; it is now pointing up. 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.
The Daily View for Gold
- At the moment, XAUUSD’s price is up $0.41 (0.02%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
- The moving averages on the daily 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Gold is Technically Bullish, Fundamentally Bearish you may find interesting:
Technical analysis: Bond notes panic continues as Investors (as usual) use Gold as a Safe-haven, and same fractal was seen within #2 last sessions on almost #45 point miraculous recovery Gold was Trading under. Final Resistance of #1,727.80 got compromised and if Gold closes today’s session above it, it is sign of Bullish continuation, if not, everything is ready for Bearish sequence which I will be ready to utilize to it’s maximum. Personally, with RSI on Annual Resistance and Bond notes Neutral (but should rise on such NFP reading and Bullish sentiment for both DX and Bond notes) I doubt that Gold will rise more. Friday’s Gap is filled, Daily chart got the necessary Technical correction as I should be seeing a continuation of the downtrend back towards the Support Trading at #1,722.80 (what was Support when broken becomes Resistance and vice-versa). That would be o…