The Hourly View for Gold
- Currently, XAUUSD’s price is up $0.18 (0.01%) from the hour prior.
- The hourly chart shows that Gold has seen 3 straight up hours.
- Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on Gold. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- The moving averages on the hourly 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.
Gold’s hourly price chart is shown below.
The Daily View for Gold
- At the moment, XAUUSD’s price is down $-39.28 (-2.11%) from the day prior.
- Gold has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 200 and 50 day moving averages, resulting in them so that price is now turning below them. 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.
Below is a daily price chart of Gold.
Featured Gold Idea From TradingView
Below is a trading comment entitled xauusd – GOLD you may find interesting:
GOLD IS LOOKING MORE BEARISH BY THE DAYthe longer gold continues to move sideways into consolidation the more intense this breakout become. you can see gold is now forming a triangle and it currently at the tip. a breakout can occur anytime now. the more gold reject 1860 the more its likely…