Gold Does it Again: Heads Up for the 3rd Straight Day

The Daily View for Gold

  • Currently, XAUUSD’s price is up $0.93 (0.05%) from the day prior.
  • This is the 3rd day in a row Gold has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Gold. Given that we see an uptrend on the 20 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 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.
  • 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 XAUUSD – W-X-Y Correction as of 23 October 2021 you may find interesting:

XAUUSD or simply GOLD is a very lucrative metal and widely traded amongst traders globally. Depending on the traders’ discipline, this metal attracted all sorts of traders and many have claimed they ‘master’ the art of trading gold. Well i do am not a master in trading this metal, however, i could provide a little bit of my current insight of this metal through Elliot Wave Analysis. A. General View:1. GOLD (at least for me) has been in an uptrend since 2015 with an all-time high at 2074.89 on 7th Aug 2020. Along the way, GOLD “might” have already completed a 5-wave move up (when i say “might’, there’s still a chance that the price is still in wave 3)2. After a 5 wave move up, a correction which consists of A-B-C (or in this case W-X-Y) which spans more than a year now. 3. The correction has been a very complex and has reached the 38.2 retracement of wave 1 to wave 5 in the larger time frame.4. Most of my charts will …

HajiBoh