Gold Daily Price Recap
Gold is up 0.18% ($3.46) since the day prior, marking the 2nd day in a row an upward move has occurred. Out of the 5 instruments in the metals asset class, Gold ended up ranking 2nd for the day in terms of price change relative to the day prior. Below is a daily price chart of Gold.
Gold Technical Analysis
Notably, Gold crossed above its 20 day moving average yesterday. Volatility for Gold has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 14 days Gold’s price has gone up 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 crushthemarket:
@StanH2443 There’s a lot of that at the moment across most Gold stocks, pricing in the end of the Gold bull market. We are only $130 off the ATH’s in AUD Gold price, but many stocks are in bear markets. Like you said need to wait it out.
- From MtBenJami:
@JerichoJudson @zerohedge Thats not how supply and demand worksSupply rate only increases if it becomes more economical/easier to mine or the gold value makes it profitable to prioritise (its a resource trade off)Increasing rates of gold supply are driven by technology advances & increasing gold price
- From Am_Goldstein:
@GlobalProTrader David, uve been very consistent & more important, uve been correct all along. You correctly called the gold price/market action months ago and discussed why you believe those things. No black box predictions. I’ve been tracking numerous commentators & u simply are the best!
For a longer news piece related to XAUUSD that’s been generating discussion, check out:
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