The Daily View for Gold
- Currently, XAUUSD’s price is up $12.68 (0.68%) from the day prior.
- It’s been a feast for bulls operating on the daily timeframe, as Gold has now gone up 5 of the past 5 days.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart 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 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.
- 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 Gold – XAU is in choppy waters you may find interesting:
In our last post on gold from early May 2022 before the FOMC, we reiterated our long-term bullish stance on it. However, we stated that we expected profit-taking to ensue in the short-term, especially if the stock market continued lower. We also speculated about a possible short-lived dip in gold towards 1800 USD. Since then, gold has made a new low at 1786.785 USD and then started to reverse to the upside. Currently, XAUUSD trades around the 1860 USD price tag. Our price targets stay at 2100 USD and 2300 USD. However, we are still cautious due to the possibility of profit-taking in gold continuing further if the stock market selloff continues. Nevertheless, we must note that gold is doing exceptionally well in the current market con…