The Hourly View for Gold
- At the moment, XAUUSD’s price is up $0.15 (0.01%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved down.
- As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
- Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Gold. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Of note is that the 200 hour changed directions on XAUUSD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Gold’s hourly price chart is shown below.
The Daily View for Gold
- At the moment, XAUUSD’s price is down $-6.29 (-0.36%) from the day prior.
- This move is a reversal from the day prior, which saw price move up.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists 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 might consolidate for few sessions / Neutral zone you may find interesting:
Gold’s general commentary: The former Support of #1,735.80 (Xau-Usd on my comments as always on my focus) was turned into a Resistance in a symmetrical manner as it has done throughout June-July / was broken, but as expected Gold reversed from upper level and Gold is Trading around #1,735.80 again, previously explained in my yesterday’s session commentary. Looking at the wider time-frame of Daily chart Rectangle and the Higher Low trendline of the broken Hourly 1 Channel Up, I am expecting a decline around #1,700.80, but not on current market situation. After that it is anybody’s guess but Technically, Gold should see a similar pullback towards #1,655.80, also even lower since #2021 is projected to be Bull Year on Bond Yields. Short-term Traders should Trade with caution as Volatility could arise, as Gold is showing mixed signals regarding Short-term. However, no changes on the Daily perspective as the Price-acti…