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

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $1.92 (0.11%) 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 20 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Gold. Given that we see downtrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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

Below is a trading comment entitled AUD USD – Hold shorts in August you may find interesting:

Hello Traders and Analysts, Breakdown: 1. Note2. Contents3. Research breakdown4. Education recap5. Information on Lupa.A Note before reading – this is a forecast analysis – based upon our trading strategy. This is tagged short, due to purchasing further increments upon imbalances.Please do not take this as face value and conduct the relevant investment strategy to successfully trade the probabilities. Master Key for zones Red = Three Month Blue = Monthly Purple = weekly Scarlet – Four day Orange = Daily Green = 8 Hour Grey = 4hour Pink = 1 hour Previous analysis: link here: https://www.tradingview.com/chart/AUDUSD/bY6FHy7X-AUD-USD-0-80-achieved-Now-check-the-imbalance-to-short/ See the previous work https://www.tradingview.com/chart/AUDUSD/yQe7ES0h-AUD-USD-Short-to-imbalance-then-await-next-move/ https://www.tradingview.com/chart/AUDUSD/boGCETep-AUD-USD-USD-CAD-Fibonacci-Pattern-work/ June analysis: https://www.tradingview.com/chart/AUDUSD/yQe7ES0h-AUD-USD-Short-to-imbalance-then-await-next-move/ The Aussie has now passed 0.76 hurdle first, using a a daily Fibonacci on the daily chart, the price levels of this very strong strength from the Australian Dollar, the Fibonacci retracement of 0.382% is a strong possibility which has now been proved as price action here tapped 0.772 zone and consolidated while still making higher lows – giving confidence of confluence here rising to the monthly imbalance.The next Hurdle is 0.80 which is our target for the next 3-5 months. The plan since the original analysis, price has been bullish and driving towards the 0.80 mark as expected. beating the analysis prediction at an early scenario by 1 week. Monthly imbalances Price has rejected the previous yearly lows of AUD USD at 0.55 to a $1.00This zone is a powerful buying zone for positional holders like us for two reasons;1. – Price is clearly making lower highs2. – The wicks are closing bullish – suggesting the zone is a fractal buying imbalance for buyers. Weekly time frame Imbalances The weekly imbalances are shown and provide a clear indicator where 0.80 was a great opportunity with a key wick where price closed at the same price. The weekly imbalances once the short has initiated shows the lows to monitor at the next imbalance where price will offer two key scenarios;1. – The probability of the rally, base, rally continuation .2. – The probability of a rally, bounce, rally where price will offer an opportunity to sell again. https://www.tradingview.com/x/sH1Nnk8A/ Daily Fibonacci The Daily Fibonacci provided a double top or a 50% retracement rejection. For the shorter term sellers adding a position here would suffice, but recommend placing a larger position on the 61.8% as mentioned.The edge of the…

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