The Hourly View for Gold
- At the moment, XAUUSD’s price is up $2.71 (0.15%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved down.
- As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Gold. Given that we see an uptrend on the 20 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 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
- Currently, XAUUSD’s price is up $23.94 (1.3%) from the day prior.
- It’s been a feast for bulls operating on the daily timeframe, as Gold has now gone up 4 of the past 5 days.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
- Most noteworthy in the world of moving averages on the daily chart is that the 200 day moving average has been crossed, 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.
Featured Gold Idea From TradingView
Below is a trading comment entitled Technical analysis update: XAUUSD (17th May 2021) you may find interesting:
As all our previous price targets for gold were reached we would like to upgrade our short term price target for XAUUSD to 1875 USD per ounce. Bullish RSI and MACD support bullish case for gold. Also rising inflation plays in favor of gold….