Gold Just Breached This Major Moving Average Level

The Daily View for Gold

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  • Gold has seen its price go down 13 out of the past 14 days, thus creating some compelling opportunities for bears.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Most noteworthy in the world of moving averages on the daily chart is that the 100, 200 and 50 day moving averages have been crossed, with price now being below them. 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.


Featured Gold Idea From TradingView

Below is a trading comment entitled XAU/USD market analysis 8.9.2021 you may find interesting:

Gold has lost its last week’s gains as prices dropped below $1,800 an ounce on Tuesday as a stronger U.S. dollar and higher U.S. Treasury yields put pressure on the precious metal.The market is anticipating that the Federal Reserve can continue to ignore rising inflation following a big miss on the U.S. employment front.”Gold prices tumbled as Treasury yields soared higher on expectations a delayed recovery would allow the Fed to tolerate higher inflation in the short-term,” said OANDA senior market analyst Edward Moya. “Wall Street is ever so slightly more concerned with inflation and with Fed tapering likely happening in December, the curve will steepen and that should prove short-term negative for gold.”December Comex gold was last at $1,800.20, down 1.83% on the day, while the 10-year Treasury yield was at 1.36% and the U.S. dollar index was at 92.47.The U.S. August jobs report revealed that only 235,000 positions were added instead of the anticipat…