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

The Hourly View for Gold

  • Currently, XAUUSD’s price is down $-0.61 (-0.03%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Gold has now gone down 8 of the past 10 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, 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.

XAUUSD

The Daily View for Gold

  • At the moment, XAUUSD’s price is down $-4.19 (-0.22%) from the day prior.
  • The daily chart shows that Gold has seen 2 straight down days.
  • 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 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled XAUUSD you may find interesting:

From the Technical Perspective: 1. From the Monthly and Weekly perspective, Gold already reach the main supply zone , will expect a short-term rejection to the downside, before the continuation to the upside.2. From the daily perspective, Gold created an impulse to the downside followed by a correction, we can expect another impulse to the downside3. Overall direction from the Multi-Timeframe Analysis: BEARISH From the Fundamental Perspective: 1. Hedge fund, and institutional are bearish bias on the GOLD .2. In the new report, 1.5k of the short position…

JackyTong96