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

The Hourly View for Gold

  • At the time of this writing, XAUUSD’s price is down $-0.2 (-0.01%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see an uptrend on the 20 and 10 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.

XAUUSD

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $9.03 (0.48%) from the day prior.
  • This is the 2nd day in a row Gold has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 50 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 – GOLD you may find interesting:

1hr notes:GOLD 50 n 200ma crossed (sell pressure)GOLD is currently on a down trend on the 1hr. (short-term sell pressure)GOLD has failed to make a higher high.4hr notes:GOLD broke below the 50ma, also retest and rejected .GOLD broke below the 1900 price level on the overview:GOLD was bullish for NFP week, lets see if the dollar will remain …

nikdobii