Gold (XAUUSD) Up $2.58 On 4 Hour Chart, And A Story About Moss; in an Uptrend Over Past 14 Days

Gold Daily Price Recap

Gold closed yesterday up 0.15% ($2.58); this denotes the 2nd day in a row an increase has occurred. Those trading within the metals asset class should know that Gold was the worst performer in the class today. Let’s take a look at the daily price chart of Gold.

Gold Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that Gold’s price has gone up 7 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

Behold! Here are the top tweets related to Gold:

  • From BrilliantLeader:

    @JohnM_AIM @spruce49 John, there is a reason AAZ retains an overweight position in my PF but I cannot give you the conviction to hold it. It has 50-100% upside in my assessment but it could easily go down 20-30% first if a) people get bored b) the gold price falls or c) another market crash

  • From Mo60972029:

    @RaoulGMI Gold price rise in the past 15+ years matches the rise in the price of TAP bonds (inflation adjusted bonds). Its because Gold rises with the inverse of the “real” interest rates. “Real” interest rates decline if the nominal (10 year Treasury) yield drops while inflation rises…

  • From LegalNonAlien:

    @DavidFi_ Groups come in stages/phases. Its junior’s time now. Better seniors will have their chances during earnings if covid shutdown didnt affect them. Average Q2 gold price near $1700. If not they they could pre-announce mid quarter Q3 if full production and same or higher prices.

In terms of news links for Gold here’s one to try:

Why Gold, And Why Now | Zero Hedge

The Price of Gold Goes Up Because fiat currencies can be created boundlessly, over time their value declines, and thus the price of gold denominated in fiat money goes up….Gold Preserves its Purchasing Power Governments aim for stable prices of consumer goods….Because the gold price keeps up with prices of consumer goods, gold preserves its purchasing power….When corrected for (consumer price) inflation, gold in the eurozone has increased in purchasing power by 350% in 20 years….Every Investment Portfolio Needs Gold Regularly, when stock markets crash investors flee to gold, causing the gold price to rise….I expect the gold price to rise going forward, because there are currently huge bubbles in asset markets and central banks continue to print money to support these bubbles.