The Hourly View for Gold
- At the moment, XAUUSD’s price is down $-0.39 (-0.02%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved up.
- As for the trend on the hourly timeframe, we see the clearest trend on the 20 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.
The Daily View for Gold
- At the moment, XAUUSD’s price is down $-10.08 (-0.57%) 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.
- Of note is that the 50 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Upside strongly limited / Engaging my Selling order you may find interesting:
Gold’s general commentary: Very flat Trading numbers since late E.U. session, ranged on the Hourly 1 chart within roughly #1,775.80 – #1,785.80 which are the optimal breakout zones. As long as it lasts, this makes an basic Rectangle Trading without any major changes, even though that Yields were Trading above the Resistance for more than #3 sessions (currently testing Triple Top formation on Weekly chart (#W1)). The Medium-trend remains fully Bearish but lately Technicals are easily distorted by Fundamental announcements, which are adding strong uncertainty on Bond Yields – directly affecting Gold, but much expected decline didn’t occurred as Gold speculators were defending lower levels, preventing more serious decline. This is not fair Technical value of Gold and proper trend so I am forced to wait more and how market speculators will digest the Fed rate announcement, as side Swings are new norm. Gold is strongly correlated with Bond Yields, but always-changing trend on Bond Yields makes Gold (for now) Volatile asset to Trade on. Gold is Trading on decent Head and Shoulders formation, and if current fractal is yet to be repeated, typical Target of Technical necessity for a Higher Low test includes #1,744.80 and #1,737.80 in extension. Technical anal…