Gold is Up for the 4th Day in a Row

The Hourly View for Gold

  • At the time of this writing, XAUUSD’s price is up $1.2 (0.06%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • 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

The Daily View for Gold

  • Currently, XAUUSD’s price is up $4.66 (0.25%) 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.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 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 Gold (XAUUSD): Jumped! Latest Update – Analysis, Forecast & Plan you may find interesting:

Traders, Current state:1. Gold has reached the higher supply zone of 1874 which we found in our weekly analysis. But 1875 is a better level2. Higher levels are at the top which lead in to 1880-1900 area or even slightly higher above the round numberExpectations:Bearish scenario:1. I am expecting Gold to take a correction from this supply zone. This may not be that easy because of the recent momentum. So consolidation may occur.2. There is a gap left at 1842 level so Gold may revisit the lower FCP zone and that level. This should act as support now.3. All the horizontal lines lower than the current price will act as support so I am shorting I will look for profit taking and opening new positions at these levels.4. We may have to wait for another day or even thi…

vikinsa