The Daily View for Gold
- Currently, XAUUSD’s price is up $1.45 (0.08%) from the day prior.
- Gold has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
- 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 an uptrend 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Gold 4H Chart you may find interesting:
Technical Analysis: Gold went down today, but it did not go below the support level stablished by the trend line. A big bounce as soon as we touched the trend line at $1,795. Below that level would have caused a drop to $1,780-$1,785 but we managed to bounce above that level. For me to become bullish, I would have to see the price break above this symmetrical triangle, which translates to going above $1,859. Also, if we go that high soon then a big chunky bullish reverse H&S will be very clear for all to see.Fundamental Analysis: Due to mistakes (hyperinflation, political instability, and weak dollar) made in the past Gold managed to go up by 24 times between 1970-1980. Those mistakes are being repeated again and when you don’t learn from your past mistakes you’re bound to make those same mistakes again which might lead to another big jump in the price of Gold & Silver. People say well, there is digital gold and we no longer need to buy outdated metals to protect ourselves from calamity. But when your so called digital gold or btc loses its value by 50% in a few weeks,…