Gold (XAUUSD) Down $4.78 On 4 Hour Chart, Moves Down For the 6th Straight Day; Pin Bar Pattern Appearing on Chart

Gold 4 Hour Price Update

Updated February 19, 2021 01:59 AM GMT (09:59 PM EST)

Gold came into the current 4 hour candle down 0.27% ($4.78) from the open of the previous 4 hours, marking the 3rd candle in a row it has gone down. Out of the 5 instruments in the metals asset class, Gold ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

Gold Daily Price Recap

Gold is down 0.04% ($0.77) since yesterday, marking the 6th straight day a decrease has occurred. Out of the 5 instruments in the metals asset class, Gold ended up ranking 3rd for the day in terms of price change relative to yesterday. Below is a daily price chart of Gold.

XAUUSD

Gold Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 14 days Gold’s price has gone down 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

Over on Twitter, here were the top tweets about Gold:

  • From unknownn0120:

    @nishant_india 1. Me kisi ki side nhi leta , par bhai tu ek dum chutiya hai, ye offer sirf 24 ghante ke liye tha. ab nhi hai isliye ye load nhi ho rha
    2. Ye squeks ek gold backed crypto currency hai and it depends on gold price. And you could withdraw it on march 14 .

  • From daretocontraire:

    @QTRResearch Gold price responds less to monetary policy, i.e. rates and money printing, and more to fear, uncertainty, and chaos. Yes, M2 has gone vertical but so has the equity market. Gold will serve it’s historical role as insurance when the house catches fire and burns to the ground.

  • From JasonEBurack:

    HFT trading algorithms auto sell gold stocks & paper gold price w enormous smashes anytime US Treasury yields rise. Many of the top gold stocks are now back to April 2020 & May 2020 levels when gold prices were far lower. Enormous disconnect for patient investors. @htsfhickey

As for a news story related to Gold getting some buzz:

Gold price target of $2,300 is conservative as precious metal sees healthy consolidation – State Street Global Advisors | Kitco News

(Kitco News) – The gold market remains in a healthy consolidation pattern as prices are once again close to testing critical resistance at $1,850 an ounce, according to one gold market analyst….The gold market continues to show resilient strength even as investors become more optimistic that COVID-19 vaccines and new government stimulus will help the U.S. and global economies recover at a faster pace than some economists are expecting, he said….Milling-Stanley said there would also be a lot more focus on domestic issues to support gold prices.