Gold Enters Today Down -0.39%

The Hourly View for Gold

  • At the time of this writing, XAUUSD’s price is down $-0.36 (-0.02%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • The moving averages on the hourly 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.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • At the time of this writing, XAUUSD’s price is down $-6.84 (-0.39%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • 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 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.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled Gold eyes #1,700.80 or less, but still Neutral on Short-term you may find interesting:

Gold’s general commentary: Gold has entered the #1,730.80- #1,740.80 Profit Taking zone for Investors, which is the first one on current new Selling Wave and as discussed last Week, it would be optimal for Short-term Traders to have pressure points which they will later use, and re-engage only after #1,722.80 breaks (Technically). Fundamentally, Gold is strong Sell option and Buying on such landscape could be disastrous for one’s capital. Powell’s speech this week didn’t brought anything special as the speech was idle without creating more uncertainty on the markets. With the Hourly 4 chart RSI having been rejected at #70.000 on the December #2, the current Selling sequence resembles more and more the last strong rebound of October #29 – November #9. Halfway before it’s Top, this rebound pulled back to test the Hourly 4 chart #MA50, so Technically I can’t ignore this possibility before Gold eventually hit the Hourly 1 Support. Mentioned variance could Technically be possible, but with all Fundamental factors, chances of Gold testing the #1,764.80 Resistance are small and almost equal to zero. Technical analysis: The Price-action is now above the #1,730.80 but not gaining more momentum as the DX is pulling back (with strong side swings). I …

goldenBear88