The Daily View for Gold
- At the time of this writing, XAUUSD’s price is down $-17.76 (-0.99%) from the day prior.
- This is the 2nd day in a row Gold has seen its price head down.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 100, 20 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.
- 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 Technical analysis update: XAUUSD (4th October 2021) you may find interesting:
Inverted head and shoulders pattern we pointed out in the previous idea failed to be confirmed by breakout above the neckline. Thus, gold continues to be stuck between 1750 USD and 1835 USD pricetag as we correctly predicted over the summer. Trend remains neutral. But despite that we remain bullish on XAUUSD and we expect eventual resumption of uptrend. Unprecedented money printing, persisting inflation and inabillity of central banks to raise interest rates are supportive factors for higher price of gold. Our short-term price target is 1850 USD. Our medium-term price target is 1875 USD and our long-term price target is 1900 USD. Though, we are even more bullish than that and over next 12 months we expect gold to reach all time high. Previous idea with inverted head and shoulders pattern: https://www.tradingview.com/chart…