The Hourly View for Gold
- At the time of this writing, XAUUSD’s price is down $-1.56 (-0.09%) from the hour prior.
- This is the 2nd hour in a row Gold has seen its price head down.
- 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 doji candlestick pattern on Gold. Given that we see downtrend on the 20 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Gold still within a Triangle / Keeping my Selling order you may find interesting:
Gold’s general commentary: As expected, Gold is so far holding the #1,722.80 – #1,732.80 belt intact and Hourly 4 chart’s Resistance is aswell stalling the uptrend. Gold is pricing it’s Higher Low first time after #12 sessions, and it is extending it’s Daily chart solid Channel Down range with #1,744.80 as the next Higher Low Resistance. Despite another session of DX Trading without a recovery, Gold is less affected as it continues to be more tied to Bond notes. Note how Gold holds it’s correlation with Bond notes almost on every aspect. Gold is once again used as a safe-haven asset as speculators are keeping the Buying bias alive, as DX and Bond notes aswell are not Trading on gains anymore / also without signs of a recovery, it was Natural to expect Buyers to re-appear with indicators on critical levels pointing to an eminent #10 point uptrend, but still, movement is within my model. As long as this variance continues, Selling sentiment will be postponed. Especially if the Fundamental announcements later this week also disappoint. I remain Bearish of course on Short-term with my previous levels unchanged, but just to secure my cap…