Gold’s Hot Streak: Up 4 of the Past 5 Days

The Daily View for Gold

  • Currently, XAUUSD’s price is up $3.99 (0.23%) from the day prior.
  • Gold has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day 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 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled 21/10/07 – XAUUSD (Gold) Is In Flat Correction – By RT_Trading_ you may find interesting:

Hello Trader, I’m happy to provide you with a new Idea based on XAUUSD (Gold) . Our last Analysis and forecasts had an accuracy of around 90% . We are very proud of our work so far. We also want to say thank you for the amazing feedback we got from your side. I can only repeat myself: Feel free to write us a personal message if you have any questions according to your trading and your possible trading improvements. We will help you where we can.That said, what is Gold doing next?By giving it a closer look on 15 minute timeframe, it looks like Gold has done building up its first impulsive wave that is made out of 1-5 wave in which wave 5 is an ending diagonal . After…

RT_Trading_