Gold Does it Again: Heads Down for the 2nd Straight Day

The Hourly View for Gold

  • At the time of this writing, XAUUSD’s price is up $4.75 (0.27%) from the hour prior.
  • It’s been a feast for bulls operating on an hourly timeframe, as Gold has now gone up 4 of the past 5 hours.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Of note is that the 200 hour changed directions on XAUUSD; it is now pointing up. 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 leans more to the Bearish side you may find interesting:

Gold’s general commentary: Despite the strong Bearish candle sequence on the Bond Yields, Gold remains Neutral and above my Support for the day as the U.S. session approaches and Congress tensions resurface. However, #1,792.80 is new/old Resistance zone made by the Hourly 4 candlestick configuration, followed by #1,800.80 psychological barrier. Gold is pulling back again after it failed to break above its Lower High on the Hourly 1 chart. Still I haven’t got confirmation for Medium-term opportunity and it is still not worth entering the market without tight Risk management. Today’s Wall Street opening Bell can have Bullish impact also on Yields, hence Bearish for Gold. My Selling bias is unchanged as I will treat Bullish spikes as an oscillation from Overbought to Neutral (Williams%), which created new space for Bearish aggressive correction. Thursday’s opening delivered strong Selling pressure on Gold but still not enough since #1,763.80 Hourly 4 chart is not compromised. Also on the other side, Gold failed to break above the Double Top zone and was rejected (already being around # +0.48%). With Hourly 4 chart now turning Bearish, the spot price (which is always the focus of my analysis) should be close to my #1,763.80 (strong Support) and the Hourly 4 #1,758.80 – #1,763.80 is now representing an strong Support zone and unlocking key for #1,700.80 psychological barrier fractal, as mentioned many times in my reports. Gold eventually honored the Hourly 4 chart’s Head and Shoulders pattern and if the identical…