Gold is Up for the 3rd Day in a Row

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $29.66 (1.51%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Gold has now gone up 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • 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 XAU/USD risks a correction before next upswing kicks above $ 2K you may find interesting:

Gold price has quickly pulled back from 19-month highs above the $2,000 mark.The Ukraine crisis intensifies as the West plans a ban on Russian oil imports.Overbought conditions on the 4H chart warrant cautious for gold bulls, uptrend still intact.Gold price has shot through the roof in a bid to retest the $2,000 level, extending its last week uptrend. Gold bulls appear unstoppable, as a flight to safety continues to remain the main market motor amid escalating Russia-Ukraine crisis. Russia’s resolve to invade Ukraine gets entrenched deeper at the start of a new week so does the West’s commitment to isolate Russia and stop the war. The US and its NATO allies are weighing in a ban on the Russian oil imports, aimed at crippling the latter’s economy and isolating it from the rest of the world. This has quickened the pace of the oil rally, as the prices of both the US and the UK oil reached the highest levels since 2008. The oil shock aggravated global reces…

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