The Hourly View for Gold
- Currently, XAUUSD’s price is down $-0.13 (-0.01%) from the hour prior.
- The hourly chart shows that Gold has seen 2 straight down hours.
- If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on Gold. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. 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 Sell Update you may find interesting:
Good day guys! This is just an update in regards to the position that my team and I are currently holding. In my previous chart, I highlighted how the technicals would be looking to create a rising wedge before continuing to the downside. As of today, the markets are revealing just that. With over 1200 pips and counting, we are still looking for the markets to continue to sell off, because the US government needs the value of gold to be lower for the dollar to strengthen. I mentioned this in my latter post as well, I believe this is going to be the …