Gold (XAUUSD) Up $4.24 On 4 Hour Chart, And A Story About Jewellery Consumer; 3 Day Down Streak Snapped

Gold 4 Hour Price Update

Updated May 29, 2020 11:17 PM GMT (07:17 PM EST)

Gold closed the last 4 hour candle up 0.24% ($4.24); this denotes the 2nd candle in a row an upward move has occurred. Those trading within the metals asset class should know that Gold was the worst performer in the class the current 4 hour candle.

Gold Daily Price Recap

Gold is up 0.56% ($9.63) since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the metals asset class, Gold ranked 3rd since the previous day in terms of percentage price change. Below is a daily price chart of Gold.

Gold Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Gold crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that Gold’s price has gone up 5 of the previous 10 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Gold for the past day were:

  • From TXWestCapital:

    What if #gold isn’t strictly a hedge against inflation? What if gold price goes up and down just because people buy/sell it? What if an ounce of gold today, in inflation-adjusted dollars, is worth less than an ounce of gold purchased at its high in 1979 (41 years ago)?

  • From BullionStar:

    @MacleodFinance World Gold Council is not in the business of calling out the LBMA London paper gold Ponzi. If it was it would write reports about gold price discovery, lack of trade reporting, real vault liquidity, bullion bank control of LBMA, LPMCL cartel, and BoE- LBMA gold lending cartel.

  • From SwarnashishC:

    @AnishA_Moonka Gold loans are given on 75% LTV of last 30 days avg priceRisk comes when Gold price falls 25-30% sharplyIt’s risky for gold financing NBFCs as their credit will be squeezed.Not so risky for banks as credit cost will be low, emotions attached, no credit squeeze

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

Gold Demand Trends Q1 2020 | World Gold Council

Sources:
Metals Focus,
World Gold Council; Disclaimer

Q1 inflows saw a seven-fold y-o-y increase amid global uncertainty and market volatility….Demand fell to record lows, led by a 65% drop in China – the largest jewellery consumer and the first market to succumb to the outbreak….World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates….Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates (collectively, “WGC”) or third-party providers identified herein….World Gold Council is affiliated with Metals Focus.