Gold Does it Again: Heads Up for the 5th Straight Day

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $18.09 (0.99%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Gold has now gone up 5 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Of note is that the 200 day changed directions on XAUUSD; it is now pointing up. 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 Technical analysis update: XAUUSD (10th November 2021) you may find interesting:

Today gold broke above important resistance level at 1835 USD and reached temporary high at 1868.626 USD per ounce. Breakout above 1835 USD resistance is particularly bullish development for gold as we noted in our previous ideas. We anticipated this move for a while now; and we stated that once this resistance level was taken out, then resumption of an uptrend in gold would follow. We continue to mantain this notion and we are very bullish on gold. We will observe price action in the following days and we will look whether gold manages to stay above 1835 USD level which currently acts as short-term support. Our short-term price target of 1850 USD was taken out. Because of that we would like to change our medium-term price target of 1875 USD to short-term price target. Similarly, we would like to change long-term price target of 1900 USD to medium-term price target. Technical analysis – daily timeframe RSI is very bullish. We will observe it for strength to perform cros…

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