Gold 4 Hour Price Update
Updated December 29, 2020 01:58 AM GMT (09:58 PM EST)
The back and forth price flow continues for Gold, which started the current 4 hour candle off at 1877.21997 US dollars, up 0.09% ($1.62) from the last 4 hour candle. Out of the 5 instruments in the metals asset class, Gold ended up ranking 4th for the four-hour candle in terms of price change relative to the last 4 hour candle.
Gold Daily Price Recap
Gold closed the day prior down 0.25% ($4.63); this denotes the 2nd consecutive day a decrease has occurred. Out of the 5 instruments in the metals asset class, Gold ended up ranking 4th for the day in terms of price change relative to the day prior. Below is a daily price chart of Gold.
Gold Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 30 days Gold’s price has gone down 17 them.
Overheard on Twitter
Over on Twitter, here were the top tweets about Gold:
- From Joutein:
@DharPrabin @ayewaken @coinbase It’s called shorting. Basically you lend things you think is overvalued, sell right away and buy back in later. Difference is your profit. I.e. You borrow a Gold bar and sell it for 2000 then the Gold price drops to 1000 so you buy it back at 1000 and give it back. 1000 profit
- From GoldTelegraph_:
Prior to 1934 the gold price was fixed at $20.67/ounce. After America confiscated gold… from a stroke of a pen, gold was revalued to $35 representing a 70% increase. One way to pay back debt… A gold revaluation. Central banks globally hold plenty of it…
- From DavidFi_:
Newgold shows huge progress in turning around Rainy River. As operating doubts subside and investors seek max leverage to a rising gold price it ends the year as the best performer in the GDX.
– A hit, a palpable hit! NG +140%, best in GDX.
In terms of news links for Gold here’s one to try:
In this week’s exploration of the gold and silver markets, Andrew Maguire looks ahead to the introduction of Basel III rules in March next year and breaks down the expected global impact on banks, the gold markets and the price of gold itself….Under Basel III rules, every central bank will be able to revalue its physical reserves higher, from a current 50% haircut into a fully cash exchangeable asset….Andrew Maguire believes Basel III rules will lead to a sanctioned gold reevaluation, while ultimately driving a more physical market.