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Is Momentum Changing for NEM? Price Just Crossed Below Its 20 Day Moving Average

The Hourly View for NEM

  • Currently, XEM’s price is down $0 (-0.13%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • 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.

NEM’s hourly price chart is shown below.

The Daily View for NEM

  • At the time of this writing, XEM’s price is up $0 (5.33%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as NEM 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.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 day moving average has been crossed, 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.

Below is a daily price chart of NEM.

XEM

Featured NEM Idea From TradingView

Below is a trading comment entitled GOLD: DETAILED FORECAST+TECHNICAL ANALYSIS | YOU MUST READ 🔔 you may find interesting:

Gold posted two consecutive weekly losses amid indecision over Fed’s next move.Yields snapped three-week downtrend as hawkish Fedspeak, upbeat US data hint at Fed’s aggression.NFP’s surprise highlights US inflation, ECB meeting as key events, China’s easing of covid-led restrictions keep buyers hopeful.Gold Price defines breakout levels ahead of ECB meeting, US CPIGold Price (XAU/USD) licks US NFP-led wounds around mid-$1,800s during the initial Asian session on Monday, with eyes on this week’s US Consumer Price Index (CPI). The metal’s corrective pullback could also be linked to the risk-positive headlines concerning China’s covid conditions and the US-China trade relations.Beijing is up for further easing of covid-linked activity controls from Monday after witnessing a sustained fall in the virus numbers, following Shanghai’s ease of lockdown measures late in May. “Dine-in service in Beijing will resume on Monday, except for the Fengtai district and some parts of the Changping district, the Beijing Daily said. Restaurants and bars have been restricted to takeaway since early May,” reports Reuters.Elsewhere, chatters over the US lifting of some tariffs on China, mainly announced during Donald Trump’s reign, also underpin the gold price recovery. “US Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump, to combat the current high inflation,” per Reuters.It …

— FOREXN1

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