Gold (XAUUSD) Moves Down For the 2nd Day In A Row, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Gold Daily Price Recap

Gold closed the previous day down 0.17% ($2.90005); this denotes the 2nd day in a row it has gone down. Relative to other instruments in the metals asset class, Gold ranked 4th since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Gold.

Gold Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days Gold’s price has gone up 7 them. 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 DebraRo91758510:

    2/ as means to diminish debt burdens, a more palatable approach than raising direct taxes, or default. Expects to see US TIPS fall from (40)bps to at least (100)bps, possibly (150)bps equating to a ~US$2,000/oz gold price.

  • From AnselLindner:

    As the #gold price goes up, it stimulates more production and supply.As #bitcoin’s new production goes down, it stimulates price to go up.

  • From S_Mikhailovich:

    @Ryan_J_Ferguson Gold refiners and dealers hedge out the gold price & price their own services via bid/ask spreads & premiums over spot. Whenever demand exceeds supply, refiners & dealers raise the price of their services by widening bid/ask spreads & raising the premiums.

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

Gold Price Outlook: XAUUSD Goes into ST Range After Seven Year Highs

Note: Low and High figures are for the trading day.