Gold Enters Today Up 0%

The Daily View for Gold

  • At the moment, XAUUSD’s price is down $-0.01 (0%) 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 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 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.
  • Divergence between XAUUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAUUSD’s price.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled BULLISH ! you may find interesting:

Gold was up on Monday morning in Asia, with risk appetite decreasing as concerns over China Evergrande Group’s (HK:3333) debt situation, and its potential economic impact, continue.Gold futures were up 0.43% to $1,759.30 by 11:40 PM ET (3:40 AM GMT).China’s Ministry of Housing and Urban-Rural Development tightened scrutiny of China Evergrande’s bank accounts to ensure funds are used to complete housing projects and not diverted to pay creditors. The developer missed a payment on offshore bonds during the previous week, with a second payment due later in the week.Its electric-car unit, China Evergrande New Energy Vehicle Group, will also not proceed with a proposed issue of CNY-denominated shares.Demand for physical gold in China, a top consumer, rose durin…

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