Gold (XAUUSD) Down $89.65 in Last 4 Hours, Makes Big Move Relative to Past Two Months; Entered Today Down 4.34%

Gold Daily Price Recap

The choppiness in the recent daily price action of Gold continues; to start today, it came in at a price of 1866.80005 US dollars, down 4.34% ($84.71) since yesterday. Relative to other instruments in the metals asset class, Gold ranked 4th since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of Gold.

XAUUSD

Gold Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Gold crossed below its 20, 50 and 100 day moving averages yesterday. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 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 Wack4321:

    I am completely amazed that Pfizer with thier vaccine, has Pfixed covid to the tune of 90% success rate yet gold price varies $115 overnight. They must have also pfixed the pfucked economics at the same time? Gold will bounce back with more gusto after this pfucking knee jerk.

  • From Richards_Karin:

    @ki_lez @iamkoshiek @LindsayBiz @the_gregdavies The Rand has strengthened by around 7% in the last month from 16.72 to 15.58 vs the USD. So each Dollar buys fewer Rands. Gold price has increased by 2.2% from $1909 to $1951. Hence each ounce of gold is now cheaper in Rand terms.

  • From InvResDynamics:

    The PFE news was announced two hours before the the paper gold price was smashed on the Comex. The Spoos jumped at 4:15 a.m. gold remained unchanged from that point until just before the Comex floor opened. This is 100% market intervention in the paper gold market. @TFMetals

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

Gold Price Forecast: XAU Election Breakout Drives Fresh Highs

Note: Low and High figures are for the trading day.