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

The Hourly View for Gold

  • At the moment, XAUUSD’s price is down $-0.28 (-0.01%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • The moving averages on the hourly 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.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • At the moment, XAUUSD’s price is down $-10.65 (-0.57%) from the day prior.
  • Gold has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Of note is that the 20 day changed directions on XAUUSD; it is now pointing down. 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 H16: BEST level to BUY/SELL GOLD 10%/20%(UPDATE) you may find interesting:

Why get subbed to me on Tradingview? -TOP author on TradingView-15+ years experience in markets-Professional chart break downs-Supply/Demand Zones-TD9 counts / combo review-Key S/R levels-No junk on my charts-Frequent updates-Covering FX/crypto/US stocks-24/7 uptime so constant updates XAUUSD H16: BEST level to BUY/SELL GOLD 10%/20%(UPDATE)IMPORTANT NOTE: speculative setup. do your owndue dill. use STOP LOSS. don’t overleverage.Tagged as LONG as overall it’s a BULLISH CHART. 🔸 Summary and potential trade setup::: XAUUSD 16hours/candle chart review::: updated/revised outlook::: BULLISH /STRONG chart::: however HEAVY resistance overhead::: resistance1=1945 USD resistance2=1995 USD::: BUT expecting PULLBACK/CORRECTION::: buying dips is a great relo…

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