Gold Trend May Be Changing as Price Just Breached Below Its 100 Day Moving Average

The Hourly View for Gold

  • Currently, XAUUSD’s price is up $0.56 (0.03%) from the hour prior.
  • This is the 2nd hour in a row Gold has seen its price head up.
  • 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.

XAUUSD

The Daily View for Gold

  • Currently, XAUUSD’s price is up $27.9 (1.56%) from the day prior.
  • The daily chart shows that Gold has seen 2 straight up days.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 100 day moving average, resulting in them 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.

Below is a daily price chart of Gold.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled XAUUSD you may find interesting:

hello traders here is possible buy set up for XAUUSD!gold bugs seem to be fairly in control with gold futures nearing $1,800 per ounce despite recent data revealing the greenback’s value is gaining strength day by day.Gold bulls are riding the bandwagon high on reports new cases of COVID-19 infection has broken above 400,000 in the world’s second most populated country (India), arbitrarily gave gold bugs the firepower to challenge the $1,807 price level

Fx-jomic