Gold Does it Again: Heads Up for the 4th Straight Day

The Daily View for Gold

  • Currently, XAUUSD’s price is up $5.75 (0.32%) 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.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • Of note is that the 200 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.


Featured Gold Idea From TradingView

Below is a trading comment entitled How Gold Liquidates people! you may find interesting:

Believe it or not, all of this actually happened.The Vector candle system probably works best on Gold and US30 but for some reason we still stay adamant at being Oil traders.The main reason most people stop trading Gold is because they been stung on it a bunch of times. Well we are not going to lie and say that was not us too.The numerous references to 1680 and 1700 should give away the fact that there was some good pennies lost on that rogue wick to the downside (08082021) when it looked like Gold had found a floor.Since then we have enacted revenge a few times on our big shorts on the following dates:151121 – 1000 pips030122 – 300 pips050122 – 650 pips250122 – 700 pipsThis definitely made up all the pain.Now what are we talking about now? We are talking about using the 1 hour timeframe to exploit higher timeframe ranging at key economic times.Every time FOMC/Unemployment claims/FED announcements happen, Gold behaves crazy. Now sometimes you have news that is supposed to affect price a certain way and it does the opposite.On the 28th Jan we started looking at Gold potentially starting a …