Is Momentum Changing for Gold? Price Just Crossed Above Its 200 Day Moving Average

The Daily View for Gold

  • Currently, XAUUSD’s price is down $-9.77 (-0.53%) from the day prior.
  • This is the 2nd day in a row Gold has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 and 200 day moving averages have been crossed, 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.

XAUUSD

Featured Gold Idea From TradingView

Below is a trading comment entitled XAUUSD – GOLD CURRENT SITUATION you may find interesting:

– US10Y is currently slightly up to 2.96% LEVEL. Like we said before, it’s been a bit of a CORRECTION in the last few days. We can see that the POSITIVE SENTIMENT for USD ECONOMIC DATA is also very POSITIVE for DXY. – The power of USD is still very strong in GOLD. US10Y was largely VOLATILE on the behavior of LABOR DATA. DXY has been DOWN very fast for the last few days. We look forward to hearing from DXY. US10Y LONG TERM UP is going to be with this RATE HIKE CYCLE and this MARKET CONDITION. DXY is getting a bit down but now it’s getting a bit UP up with the MARKET RISK OFF. Also when we look at DXY it has moved to DXY 101.87 LEVEL. – GOLD PRICE is currently sligh…

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