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

The Daily View for Gold

  • At the moment, XAUUSD’s price is down $-3.52 (-0.2%) 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 50 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.
  • Divergence between XAUUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAUUSD’s price.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

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