The Hourly View for Gold
- At the time of this writing, XAUUSD’s price is down $-0.88 (-0.05%) from the hour prior.
- The hourly chart shows that Gold has seen 3 straight down hours.
- As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- 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 $7.2 (0.41%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
- 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 Gold bears battle key horizontal support ahead of US ADP data you may find interesting:
Gold justifies a downswing from 100-DMA and a 61.8% Fibonacci retracement break around $1,757 during early Wednesday. It should, however, be noted that a horizontal line from mid-March could test the bears around $1,755 amid nearly oversold RSI conditions, suggesting a corrective pullback. Failing to do so will make the quote vulnerable to decline towards the April 13 low of $1,723 before directing the gold bears to the year…