The Hourly View for Gold
- Currently, XAUUSD’s price is up $0.73 (0.04%) from the hour prior.
- Gold has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
- The moving averages on the hourly 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.
Gold’s hourly price chart is shown below.
The Daily View for Gold
- At the time of this writing, XAUUSD’s price is up $2.56 (0.14%) from the day prior.
- It’s been a feast for bears operating on the daily timeframe, as Gold has now gone down 4 of the past 5 days.
- If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on Gold. Given that we see an uptrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 daily candle timeframe, so the meaning of the candles may require further exploration.
- 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled Impact of gold on the foreign exchange market you may find interesting:
Gold and other precious metals such as silver, platinum and palladium have intrinsic value as solid physical assets with important industrial applications. They also have value due to their ability to store significant amounts of wealth in a fairly small space.As a result, many people hold gold to guard against inflationary pressures and to provide a medium of exchange during turbulent times that can devalue the value of fiat currencies. Moreover, many currencies at one time or another have been pegged to gold or the so-called “gold standard”.For example, from the mid-1940s to the early 1970s, gold determined the value of most of the major currencies in the world’s foreign exchange markets in accordance with the Bretton Woods exchange rate system. This post-war system of fixed exchange rates collapsed in the early 1970s when then President Richard Nixon ordered the US dollar to be removed from the gold standard.US dollar and goldMore recently, as the US government continues to significantly exceed its revenues under the pretext of stimulating the country’s economy based on loan-freeing, investors increasingly look to gold as a hedge against the almost inevitable inflationary consequences of increased government borrowing to print more paper money. This has led to a recent inverse relationship between the value of the US dollar and gold.Moreover, as Germany realized after World War I during a devastating hyperinflationary period in the early 1920s, this kind of ir…