Momentum Reversal? Gold’s Heads Down for the First Time in 5 Days

The Hourly View for Gold

  • Currently, XAUUSD’s price is down $-0.17 (-0.01%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour 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 and 10 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 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.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • Currently, XAUUSD’s price is down $-21.5 (-1.17%) 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.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • 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 GOLDEN you may find interesting:

Wednesday, 12 May 202118:50 PM (WIB) Since hit twice $1.677 with formed Double Bottom, Gold start to rose from that point to $1.770. This price seem the golden momentum for everyone considering that I found several Golden Cross in many time frame. Now, Gold is on trading between $1.846 – $1.818. Well, I am the person that still believe with the power of The Golden Cross. Best regards,RyodaBrainless”Live to Ride and Ride to Live”

RyodaBrainless