The Tide May Be Shifting for Gold as it Crosses Below Its 50 Day Moving Average

The Daily View for Gold

  • At the moment, XAUUSD’s price is up $24.72 (1.39%) from the day prior.
  • This is the 2nd day in a row Gold has seen its price head up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 and 50 day moving averages, resulting in them so that price is now turning above them. The moving averages on the daily 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.
  • 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

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