Gold Came Into Today Up 0.44%

The Hourly View for Gold

  • Currently, XAUUSD’s price is down $-0.99 (-0.05%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • 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 an uptrend 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 time of this writing, XAUUSD’s price is up $8.44 (0.44%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 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 WHY I WOULD BE GOING SHORT ON GOLD! you may find interesting:

GOLD SHORT BIAS – DAILY TIMEFRAME;Analysing #XAUUSD on the Daily timeframe, I am looking to taking potential sell positions upon the retest of the previously formed Daily Supply zone, which confluences with 4H, 1H and m30 Supply zones. On the Daily timeframe, gold broke previously formed res…

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