The Daily View for Gold
- At the moment, XAUUSD’s price is down $-4.08 (-0.22%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved 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 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.
Featured Gold Idea From TradingView
Below is a trading comment entitled XAUUSD – GOLD CURRENT SITUATION you may find interesting:
– As mentioned earlier, a very important event took place at the FOMC MEETING yesterday. The US Federal Reserve has increased their rates by 50bps. Before that there was some talk among the traders about it. So after raising their rates, the US dollar weakened. This is because the USD has been BUY in the past due to the sentiment of traders on the rates they are raising. Other economic indicator data released yesterday also remained weak. UNEMPLOYMENT CLAIMS DATA is due to be released for the US dollar today. – US10Y is currently down to 2.97% LEVEL. It was a CORRECTION just like we thought. The POSITIVE SENTIMENT for USD has also been very positive for DXY in the past. Now DXY seems to be a bit CORRECTION after FOMC. We look for…