Gold is Down for the 3rd Day in a Row

The Hourly View for Gold

  • Currently, XAUUSD’s price is down $-2.03 (-0.11%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 $-7.3 (-0.39%) from the day prior.
  • Gold has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 100 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled 7 Reasons Gold will continue to Grow (Updated) June 2021 you may find interesting:

Hello Traders.Here is THE XAUUSD UPDATE YOUVE BEEN WAITING FOR! Here is my Previous Analysis on GOLD – https://www.tradingview.com/chart/XAUUSD/iieHtwei-7-Reasons-Gold-will-continue-to-Grow/The economic data, the stock market, and businesses’ actual health are completely out of sync. That is because the U.S. stock market is still sitting near its record high while enterprises are consistently forced to close. With the new variant of coronavirus, chances are that lawmakers are likely to keep their guards up entering the first quarter of 2021 and that they can reinstate more lockdowns.Struggling businesses are more likely to file for more bankruptcies, and there are greater chances that it will create more shocks for the global economy. Such an event could once again help the gold price to move higher.Something that is surely going to influence the gold price is the trend in the dollar index, which is determined by the Federal Reserve’s monetary policy stance. According to the most recent Federal Reserve meeting, it was clear that the Fed is more optimistic about the economic recovery, and this made them upgrade the growth forecast for the U.S. economy. As Mentioned Before in ( 23th January 2021 ) – I still Think the GOLD Price Will Reach All Time Highs in 2021 & 2022 Here Are the Reasons why I Say that – 7 Reasons Gold will continue to Grow Correlation to Inflation Certainly, during times of economic crisis, investors flock to gold . When the Great Recession hit, for example, gold prices rose. But gold was already rising until the beginning of 2008, That said, gold prices rose further, even as the economy recovered . Essentially that means, as more people buy gold , the price goes up, in line with demand. It also means there aren’t any underlying “fundamentals” to the price of gold . If investors start flocking to gold , the price rises no matter what shape the economy is or what monetary policy might be. That doesn’t mean that gold prices are completely random or the result of herd behavior. Some forces affect the supply of gold in the wider market, and gold is a worldwide commodity market, like oil or coffee . Supply Factors Unlike oil or coffee , however, gold isn’t consumed. Almost all the gold ever mined is still around and more gold is being mi…

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