The Hourly View for Gold
- Currently, XAUUSD’s price is up $0.16 (0.01%) from the hour prior.
- This is the 3rd hour in a row Gold has seen its price head up.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
- 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 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.
The Daily View for Gold
- At the time of this writing, XAUUSD’s price is up $23.96 (1.42%) 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 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 on Medium-term critical crossroad / #1,600.80 next you may find interesting:
Gold’s general commentary: Important Bond notes related developments for Gold as DX broke the #93.30 Hourly 4 Resistance and as expected, should cause Gold to decline even more on the aftermath, as an Hourly 4 Engulfing Bearish candle. The Higher High rejection on Bond notes throughout yesterday’s session (# +0.50%) is Technically call for an mini recovery on Gold, as I believe that crossing the Resistance level on Bond notes was the necessary Selling confirmation for Gold. I spotted connection of Gold aswell (# -1.78%) to Usd-Jpy pair (# +0.51%) which leaves Usd-Jpy firmly in Gold’s correlations assets list. For the moment, I see only Bearish developments on Hourly 4 Gold chart, which shifted Gold from Neutral to Bearish (regarding Short-term). According to statistics, last #4 times Gold touched the Lower Low extension, resulted as an #15 point recovery, and another decline followed within #3 sessions, and if #1,675.80 breaks, I may see quiet Bearish session on the aftermath. It is Natural to expect a pullback, but as long as Bond notes are not pressured by disappointing numbers, I expect smooth diagonal correlation (Bond notes – Gold) Trading fueled by Inflation which will constantly impulse the Bond notes, and add…