The Hourly View for Gold
- Currently, XAUUSD’s price is down $-0.85 (-0.04%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved up.
- Regarding the trend, note that the strongest trend 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 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 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
- Currently, XAUUSD’s price is up $9.84 (0.52%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- Regarding the trend, note that the strongest trend exists 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.
Featured Gold Idea From TradingView
Below is a trading comment entitled Does The Death Cross Really Matter? (Amazon & Bitcoin) you may find interesting:
This is inspired by TradingShot’s recent post (love their analysis). They posted all the instances of the daily death cross in Bitcoin’s price history. For those who aren’t aware, the death cross occurs when the 50 day moving average crosses below the 200 day moving average. If Bitcoin doesn’t move well above $50k in the short-term, it’s likely the death cross will occur relatively soon. The name is scary, of course, but just as the media tends to put forth bearish articles when price is doing poorly (since more people engage with content that confirms their bias), the death cross can simply be something that tends to occur when price stagnates or moves lower for a little while. Essentially, it could be meaningless. I’m convinced sentiment and psychology are a lot more important than indicators such as Moving Averages (especially on the daily timeframe ). When I first started writing analysis, I didn’t even include MA’s at all. I began including them because I eventually realized how trading bots and algorithms use them to their advantage. And they do seem to be useful on bigger timeframes, such as the weekly and monthly.Anyway, I keep thinking about how everyone is using past Bitcoin price action to determine current probabilities….but there are signs Bitcoin is maturing as an asset. In this case, I look at other assets that have matured (or solidified) over time. Take Amazon stock, for example. Prior to 2010, AMZN had 6 death crosses on the daily chart . 2 of them resulted in bull traps, while the other 4 indicated immediate new lows.1. 5th August, 1999 – close of $48.63. Price declined to $41 a few days later before the bull trap to second peak of dotcom boom at $113. Selling at that death cross, and you’d have to sit on your hands.2. 15th March, 2000 – Decline from near $63.75 to $5.51 on 1st October, 2000 (over 90% drop).3. 24th March, 2004 – took a year to decline from $39 to $31 (less than 25% drop).4. 9th March 2006 – Decline from $35 – $26.5. 28th February 2008 – Short-term decline from $67 – $60ish before a bull trap to $90 in August 2008.6. 14th October 2008 – Decline from $55.86 to $34.68 in November 2008 (bottom of financial crisis).Since then, there have been 7 more death crosses for AMZN . None of these produced any extensive bearish period. If you sold at 3 of those death crosses, there w…