Gold 4 Hour Price Update
Updated January 11, 2021 12:02 PM GMT (08:02 AM EST)
Gold came into the current 4 hour candle down 0.31% ($5.97) from the open of the last 4 hour candle, marking the 2nd consecutive candle a decrease has occurred. Relative to other instruments in the metals asset class, Gold ranked 4th since the last 4 hour candle in terms of percentage price change.
Gold Daily Price Recap
Gold is down 0% ($0.05) since the previous day, marking straight day — and the end of a 3 day negative run. Gold outperformed all 5 assets in the metals asset class since the previous day. Below is a daily price chart of Gold.
Gold Technical Analysis
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. 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 equitymrkt:
⭕️ Whn gold go down everybody rush to buy in & when it grows nobody wants to sellBut when quality stocks go down ppl dont care & when it raise people rush to buy higherThis shows people know the story behind gold price & donot know the story behind the stock price
- From CovWayne:
@GoingParabolic 😂 I’d go with it being manipulated / hoarded by central banks so no one really knows it’s true value. With Bitcoin no one has control or manipulates and the market sets the price. Look at the fines all banks have paid for manipulating gold price. Who do you trust.
- From petedivine:
@Dioclet54046121 @myprecious999 @goldsilver_pros @ArcadiaEconomic I think this is the “reset”. TPTB using the same playbook. Devalue fiat currencies against their Gold assets. The EBA is facing a bank crises and desperately needs to shore up banking reserves. NSFR allows the gold price to float wout derivatives. At least thats my interpretation
In terms of news links for Gold here’s one to try:
“Right now, for the most part, rising Treasury yields provided a bid for the dollar, responsible for the selloff in gold,” said OANDA senior market analyst Edward Moya….Gold is seeing intense technical selling.” The gold space would see $100-moves in the next couple of days, added Moya, telling investors to pay attention to the U.S. dollar….When you look at gold’s positioning, you see a diversification away from gold into cryptos.” Bitcoin is seeing new investors on the flight to safety argument, said Walsh Trading co-director Sean Lusk….What happens when the gold price drops below $1,800?…The big line in the sand for next week will be the $1,770 level — which was the November low, said Moya.