Gold (XAUUSD) Up 1.61%

Gold Daily Price Recap

The back and forth price flow continues for Gold, which started today off at 1712.92004 US dollars, up 1.61% ($27.19694) from yesterday. Relative to other instruments in the metals asset class, Gold ranked 2nd since yesterday in terms of percentage price change. Here is a 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. For additional context, note that price has gone down 15 out of the past 30 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 BandofH:

    @AjCosta6 @LukeGromen This is my argument. I have a miners right for prospecting in Oz. If gold spikes to $10,000 an ounce I am quitting work and going digging. Also is an ounce of gold really worth 500 barrels of Oil? Gold/Oil Ratio points to a drop in the gold price.

  • From Bigeberg:

    @HenrikZeberg I think there is another question related to this one: Who could buy it when these guys start selling it? All heavy gold buyers, China, India, Russia, Turkey have their own financial problems, and stopped buying it long time ago. Look at gold price in local currencies — crazy!

  • From StuOnGold:

    #Gold price rises $500 for every $500 Billion increase in US Budget deficit. It’s estimated that the US Government is on its way to a $6 Trillion annual deficit, which would portend a Gold price of $6,600 per ounce (4x gold’s current price), should this relationship hold. ~ EMA

For a longer news piece related to XAUUSD that’s been generating discussion, check out:

Gold prices will nearly double to a record $3,000 as central banks fuel ‘financial repression,’ Bank of America says | Markets Insider

REUTERS/Ilya Naymushin Central banks’ stimulus frenzy amid the coronavirus pandemic will drive gold to a lofty record by October 2021, Bank of America projected in a note….The US dollar’s strength can bite into gold’s relative value, as will a downtrend in stock market volatility, the bank said.