Gold is Up for the 3rd Day in a Row

The Hourly View for Gold

  • At the moment, XAUUSD’s price is down $-1.58 (-0.09%) from the hour prior.
  • The hourly chart shows that Gold has seen 2 straight down hours.
  • Regarding the trend, note that the strongest trend 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 an uptrend 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 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.

Gold’s hourly price chart is shown below.

XAUUSD

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled Gold bears looking for a discount (Update 2) you may find interesting:

Hey guys,An absolutely beautiful bullish week in goldyland with an excellent close 1830+ (above the 61.8 weekly fibo level) and we settled the ‘1805-gap saga’ finally after 3 long months. So what’s next? The rip your face off-rally is here and it isn’t going away for a while. I remain bullish on gold, and buying dips is the way to go as it seems we are heading to the next fibo resistance level at 1875. For me the current gold price is too high to buy, but too bullish to short, so I will be staying out of the market for a well deserved break after hitting all my bullish targets last week. I want to see what goldy is up to next, as we are near a heavy resistance zone (1850 zone), which has been a strong support and …

CesaroPelucci