The Tide May Be Shifting for Gold as it Crosses Below Its 200 Day Moving Average

The Daily View for Gold

  • Currently, XAUUSD’s price is up $9.53 (0.52%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 and 200 day moving averages, resulting in them with price now being above 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.


Featured Gold Idea From TradingView

Below is a trading comment entitled Will Gold go downward to 1815 ? Wyckoff Point and Figure target you may find interesting:

Did you analysis Gold price today? Here’s a Wyckoff scenario for XAUUSD. We have a distribution schematic in 1h time frame.What is the potential gold price target?We’re using P&F chart & measure movements to projection. Our analysis are also based on Wyckoff method, Gann trading, OrderFlow and price action.So we have potential target at 1815.6 (for yesterday’s entries).Let’s see price action there.Today, we’d like to see price pullbacks to LPSY for entering new short entries.Be aware: The price can drop to the target always without pulling back.Hope this post could help your gold analysis.—————————————————————* This is Pre-plan and an education postThat means my view can change, depending on how the price will arrive at the level and what will be happening on the M5 in my level of interest for entry. Then I will decide if I will enter or not. So please d…