The Hourly View for Gold
- Currently, XAUUSD’s price is down $-1.9 (-0.11%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move up.
- From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
- The moving averages on the hourly 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.
Gold’s hourly price chart is shown below.
The Daily View for Gold
- At the moment, XAUUSD’s price is up $0.22 (0.01%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Importance of diversification across asset classes you may find interesting:
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting 🙂 In this post, we have attempted to cover the importance of portfolio diversification. To drive our point home, we have taken a 2-year reference and divided it into 3 parts: Pre-pandemic : January 2019 to 10th Feb 2020 Height of the pandemic : Feb 2020 to 23rd March 2020 Post pandemic : 30th March 2020 till present The 3 classes of asset that we included in this analysis are: Cryptocurrency- ETH Stocks- S&P 500 Commodity- Gold Pre-pandemic period: ETH was on a bull run as were other major crypto currencies. It shot up more than 125% during that period. The S&P 500 index was up by 38.5% during the same period, while the precious commodity, Gold, ros…