The Yellow metal prices at the moment, are up $2.18 (0.12%) from the hour prior. Gold has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20-hour timeframe.
Price action traders may also observe that we see a doji pattern on Gold. Given that we see an uptrend on the 20 hourly candle timeframes, and that such candlestick patterns often denote reversals, this may be worth noting.
Moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Concerning the moving averages, it should be noted that the price has crossed the 50-day moving average, resulting in them with price now being above it. 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.
Currently, XAUUSD’s price is up $27.2 (1.57%) from the day prior. This move is a reversal from the day prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20-day timeframe.
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