Gold is Down for the 2nd Day in a Row

The Hourly View for Gold

  • Currently, XAUUSD’s price is up $2.25 (0.13%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see downtrend 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.

XAUUSD

The Daily View for Gold

  • Currently, XAUUSD’s price is down $-27 (-1.58%) from the day prior.
  • The daily chart shows that Gold has seen 2 straight down days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • The moving averages on the daily 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.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled #1,700.80 got hit, engaging new Selling order, #1,678.80 is next you may find interesting:

Gold’s general commentary: Volatile Price-action towards the U.S. session opening Bell (Hourly 1 chart Bearish Gap fill) as in the absence of high impact macroeconomic reports (besides situation in U.S.), Gold is inside a range on the last three Hourly 4 candles. Notice how this is taking place exactly below the Hourly 4 chart Support. As long as Gold stays below #1,710.80 – #1,715.80, the Short-term bias is Bearish towards the Hourly 4 #1,678.80 Lower Low first extension. If however #1,720.80 breaks, I will most likely have a Bullish break-out signal towards #1,735.80. I will Trade accordingly as I will not take excessive risks as the best solution at the moment is engaging a Selling order and waiting for market closing below #1,700.80 psychological barrier, which should be messenger for further decline. Technical analysis: As expected U.S. session Sell-off worked perfectly on the #1,722.80 (Spot prices as always on my focus) much expected Support as Gold hit the #1,700.80 psychological barrier and in the same …

goldenBear88