The Hourly View for Gold
- At the moment, XAUUSD’s price is up $0.71 (0.04%) from the hour prior.
- It’s been a feast for bulls operating on an hourly timeframe, as Gold has now gone up 5 of the past 5 hours.
- Regarding the trend, note that the strongest trend exists 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 time of this writing, XAUUSD’s price is up $4.63 (0.26%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
- Of note is that the 50 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.
Featured Gold Idea From TradingView
Below is a trading comment entitled Yields on a strong upswing / Gold looking weak ahead of Fed you may find interesting:
Gold’s general commentary: Gold was Trading within an broken Channel Up on Hourly 4 chart with the latest Weekly Low at #1,765.80 (representing configuration only few points from strong Support aswell) as the Lower High lower zone is priced at #1,782.80 extension. If Lower High upper zone gets broken to the upside, my pattern is invalidated. In my opinion, I should keep focusing on the Hourly 4 chart #1,760.80 strong Support level and enormous Selling pressure (from Bond Yields) which aims lower Targets below the Hourly 4 Support (such as #1,727.80 and #1,700.80 psychological barrier) which is the key level and decent Medium-term Bearish variance. So as long as the Lower High upper zone and Hourly 4 Support are intact, Gold will be under huge Volatility, following identical movements as Bond Yields, where further Buying is not advisable. Since #1,800.80 is not invalidated, solid chance exist for a re-test of #1,760.80 (even a Top of Higher Low zone at #1,744.80, if the #1,782.80 Resistance holds). If #1,800.80 Resistance breaks, Gold will most likely resume the Short-term Bull trend towards #1,817.80. I doubt this week’s news are enough to push through, most likely the market (and Bond Yields which is the key for Gold’s recent struggles) is waiting for a catalyst. Statistically, every time from September #2 / when RSI get’s rejected near the Resistance (what is the case at the moment), Price-action starts the aggressive decline of #40$ points within #2 sessions. I am not yet interested in Buying, as there is only #1 strong Support between current Price-action and #1,800.80 psychological barrier, which is far away from current variance. It is important to note that I am expecting Gold to finish May below #1,678.80 Lower Low extension. Technical analysis: As discussed, Gold reac…