Gold (XAUUSD) Up $0.48 in Last 4 Hours, And A Link About Vaccine News; Price Base in Formation Over Past 14 Days

Gold Daily Price Recap

Gold came into today up 0.03% ($0.48) from the open of the day prior, marking the 3rd straight day an increase has occurred. Those trading within the metals asset class should know that Gold was the worst performer in the class today. Let’s take a look at the daily price chart of Gold.

XAUUSD

Gold Technical Analysis

Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

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 Eagleresa:

    @TonTon98796526 @stokdog @KumovaTolga @great_martis #usd has been propped up – at least 1 year overdue for a fall – infers could get stronger #aud offsetting some of the #gold price rise in US$/oz – fortunately gold stocks focus more on US$ gold than A$ gold – with a reality profit check when the financials & divs are reported.

  • From MacroCRG:

    In 2008 – 2011, the price of $GOLD fell 61% against the price of $SILVER. If this price action were to repeat, that means the $GOLD price in $SILVER will fall another 36%. It’s all just a guessing game – but I expect $SILVER to outperform $GOLD going forward.

  • From LiNan92722780:

    #XAUUSD A sudden news about vaccine caused the risk aversion of gold in the market to reach the freezing point in the evening. The gold price plunged nearly 30 dollars for a short time and fell to 1864. The sudden news disrupted the original operation rhythm

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

Gold Price Forecast: XAU/USD May Remain Afloat Despite Covid Vaccine Hopes

Note: Low and High figures are for the trading day….While the markets may continue welcoming upbeat vaccine news, rising Covid cases and the ongoing delay in US fiscal stimulus could keep gold prices afloat.