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

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $3.96 (0.2%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Gold has now gone up 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend 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 an uptrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • 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 GOLD: PENDING ORDER $2000 STRUCTURE | SHORT SETUP 🔔 you may find interesting:

Gold Price looks north as investors seek refuge amid inflation, growth risks.XAUUSD shrugs off firmer US dollar, yields on hawkish Fed’s outlook.Gold bulls keep their sight on $2,000 but acceptance above $1,990 is critical.Having booked the second straight weekly gain, gold price is setting off a new week on the right footing, as bulls regather strength after Good Friday’s brief pullback. XAUUSD is sitting at the highest level since March 14 at $1,989, as the increased demand for safety outweighs the ongoing rally in the US Treasury yields alongside the dollar. With no end in sight to the Russia-Ukraine war and a likelihood of a European Union (EU) embargo on the Russian gas, commodities prices have shot through the roof, intensifying …

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