Gold (XAUUSD) Up $9.13 Over Past 4 Hours, And A Link About Afshin Nabavi; Started Today Up 0.52%

Gold Daily Price Recap

Gold entered today at $1770.6208, up 0.52% ($9.13) from yesterday. Relative to other instruments in the metals asset class, Gold ranked 2nd since yesterday in terms of percentage price change. The daily price chart of Gold below illustrates.

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 17 of the previous 30 trading days.

Overheard on Twitter

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

    @LukeGromen @FarialimaB @SantiagoAuFund @MattStirner @mrkaiwenchen @MacleodFinance Imo, this isn’t fully factored into the gold price in USD terms yet. Gold remains one of the better risk-adjusted asset classes to own in this environment. Many folks are still concerned about deflation, and yes we may have a year or so dancing around that. But then…

  • 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…

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

After ‘momentary correction’ gold price is ready to attack $1,800 and higher – analysts | Kitco News

After some consolidation, prices are back above $1,770 with August Comex futures last trading at $1,780.10, up 0.54% on the day.  The risk-off sentiment in the market has been helping gold maintain its bullish momentum, but higher U.S. dollar has been stealing some safe-haven attention from gold….Risk-off sentiment is good for gold but a significant escalation in coronavirus cases could potentially hamper the gold rally because at the end of the day it all comes back to inflation expectations, TD Securities head of global strategy Bart Melek told Kitco News on Friday….On Friday morning, gold dropped along with equity markets,” Melek said….But even if the Democrats do win a majority, they will fall well short of a filibuster-proof super-majority in the Senate, which would make it much harder to push through big tax changes,” he noted.  Gold price direction as Q2 is wraps up Aside from all the drivers on the surface, there is a lot happening behind the scenes due to the month of June ending and the second quarter wrapping up, said Afshin Nabavi, senior vice president at precious metals trader MKS SA.