The Tide May Be Shifting for Gold as it Crosses Above Its 100 Day Moving Average

The Hourly View for Gold

  • Currently, XAUUSD’s price is up $0.81 (0.05%) from the hour prior.
  • Gold has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Gold’s hourly price chart is shown below.

XAUUSD

The Daily View for Gold

  • Currently, XAUUSD’s price is down $-37.23 (-2.05%) from the day prior.
  • Gold has seen its price go down 5 out of the past 5 days, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 100 day moving average has been crossed, with price now being below 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 Gold Holds No Chance you may find interesting:

As the title says I believe the thousand years of gold supremacy will fade soon in couple of decades. because she now has a superior rival that is going to take her down.As a lot of people believe that bitcoin is a substitute to US dollar I don’t believe that’s the case and bitcoin can not be an alternative to US dollar and should not actually. if an economy was built on such a limited supply money that economy will not grow this is at least my opinion that gold backed $ world wasn’t a better world, remember 1929 great depression?so gold as an old warrior in the battle field has these options:1- Fungible2- Durable3- Portabl…

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