Gold May Be Offering a Trading Opportunity With Its Cross Below Its 200 Moving Average

The Daily View for Gold

  • At the time of this writing, XAUUSD’s price is up $13.98 (0.76%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 200 day moving average, resulting in them so that price is now turning 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled XAUUSD – GOLD CURRENT SITUATION you may find interesting:

⛔️ The most important news related to gold is to be released today in the New York session. That is USD CPI DATA. This CPI DATA is the inflation data for America. These are very VOLATILE and very fast and very fast EFFECT DATA to GOLD. ⛔️ US10Y is currently down slightly to 2.94% LEVEL. It was a little CORRECTION just like we thought. The POSITIVE SENTIMENT for USD has also been very positive for DXY in the past. Now DXY seems to be a bit CORRECTION after last week’s FOMC. We look forward to hearing from you. US10Y LONG TERM UP is going to be with this RATE HIKE CYCLE and this MARKET CONDITION. Also when we look at DXY it has moved up to DX…

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