Gold Just Breached This Major Moving Average Level

The Hourly View for Gold

  • At the time of this writing, XAUUSD’s price is up $0.42 (0.02%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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.
  • Of note is that the 100 hour changed directions on XAUUSD; it is now pointing up. The moving averages on the hourly 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.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • Currently, XAUUSD’s price is up $7.04 (0.41%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, with price now being above it. The moving averages on the daily 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.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled GOLD two reasons to FALL you may find interesting:

We continue to observe the formation of a fall in the price of gold. Let me remind you that yesterday we expected that the gold will reverse from the resistance line 1751.13 and begin to fall. And so it happened.https://www.tradingview.com/chart/XAUUSD/mNRdCQcg-GOLD-updating-the-forecast-Next-FALLING/The fall began for several reasons. Firstly, this resistance…

Lingrid