Gold Daily Price Recap
Gold is up 0.38% ($7.41) since the previous day, marking the 3rd straight day it has gone up. Relative to other instruments in the metals asset class, Gold ranked 3rd since the previous day in terms of percentage price change. The daily price chart of Gold below illustrates.
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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. 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 8 out of the past 14 days.
Overheard on Twitter
Behold! Here are the top tweets related to Gold:
- From BigBiteNow:
#SRB already looking like its going to be a strong Q3 gold price wise.Another 8,500 oz quarter with a build up to +10k oz in Q4 and I’ll be calling 73m share all in for 85k oz production in 2022.If so, then the SP has a long way to go.
- From AfzalValli:
#WSBNFULLY FUNDED DRILL PROGRAM 1 – Wishbone II (High grade gold)
2 – White Mountain High grade Gold Copper SilverFunded with £700k further £300k 2 follow warrantsWe intend to hit exploration hard and take advantage of the elevated gold price and our excellent gold assets
- From jp_boileau:
@PeterLBrandt I follow the sector very closely…the major producers don’t have a hedge to my knowledge …they state that investors want the upside to the gold price….besides they are all generating FREE cash flow …no kidding with a producing cost of ~ $1,000/oz
For a longer news piece related to XAUUSD that’s been generating discussion, check out:
https://www.barrons.com/articles/etfs-are-holding-a-record-amount-of-gold-price-could-stay-high-51599688196 As the price of gold reached a record above $2,000 in August, gold-backed exchange-traded funds attracted new assets for the ninth consecutive month, although the pace slowed, according to new data released on Wednesday by the World Gold Council….Write to Evie Liu at email@example.com As the price of gold reached a record above $2,000 in August, gold-backed exchange-traded funds attracted new assets for the ninth consecutive month, although the pace slowed, according to new data released on Wednesday by the World Gold Council.