Gold May Be Offering a Trading Opportunity With Its Cross Below Its 20 Moving Average

The Hourly View for Gold

  • Currently, XAUUSD’s price is up $1.14 (0.07%) from the hour prior.
  • This is the 2nd hour in a row Gold has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • 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

  • At the time of this writing, XAUUSD’s price is up $23.22 (1.36%) from the day prior.
  • This is the 2nd day in a row Gold has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 100 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 close to the #1,722.80 Resistance / Miraculous recovery you may find interesting:

Gold’s general commentary: Gold is on a strong rebound after decline from #2 sessions ago as U.S. opening Bell is approaching, movement is still within Bearish territory and even though the Bullish trend was invalidated, I should be cautious with entry and Stop-loss selection on my next position, as Gold can switch to Neutral if Gold breaks few points upwards with an impulse. It appears that Investors await for clear #1,722.80 confirmation later on today’s session for a clear direction, as I discussed regarding revealing major move. Market sentiment is adding to a decline with DX on red candles, which should (and currently is) applying Buying pressure on Gold. However Technically, the Hourly 4 chart’s #1,722.80 is still keeping Gold Bearish on Short-term, which so far hasn’t been tested. If DX stays on the same configuration, most likely it spike Gold upwards, but slight Bond notes Bullish Gap fill will provide me additional Selling entry towards #1,700.80 again and even less. Technical analysis: Gold engaged the recovery, and confirming the impulse towards #1,722.80 Lower Low upper zone, while DX took a hammering and Bond notes are on a spiral downtrend. It was Natural that bigger proportion decline will attract Buyers, as Price-…

goldenBear88