Gold (XAUUSD) Up $4.24 Over Past 4 Hours, And A Link About Pat; Started Today Down 0.28%

Gold 4 Hour Price Update

Updated June 12, 2020 03:19 AM GMT (11:19 PM EST)

Gold came into the current 4 hour candle up 0.24% ($4.24) from the open of the last 4 hour candle, marking the 2nd candle in a row an upward move has occurred. On a relative basis, Gold was the worst performer out of all 5 of the assets in the metals asset class the current 4 hour candle.

Gold Daily Price Recap

The end of a 3 day positive run has come for Gold, which finished yesterday down 0.28% ($4.85). On a relative basis, today was pretty good: Gold bested all 5 of the assets in the metals class 🙂 Below is a daily price chart of Gold.

Gold Technical Analysis

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. 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. Or to view things another way, note that out of the past 14 days Gold’s price has gone up 7 them.

Overheard on Twitter

Over on Twitter, here were the top tweets about Gold:

  • From lysanderfreeman:

    @tcamright @ant24com @NorthmanTrader 1) USD adopts negative rates
    2) Foreigners dump USD
    3) Gold longs ask for delivery in comex
    4) Comex does not have enough gold
    5) US Treasury stops leasing gold
    6) Future gold price drops to zero
    7) Gold bullion price becomes undiscovereable
    8) Int commerce halts
    9) Gold revalued

  • From GrantMBeasley:

    @MinerCalifornia Biggest volume day in a long time. C$45 m market cap is very cheap. I can model this at US$150-$200 m as they derisk it. Gold price takes it higher. Great management team as you say. Fingers crossed.

  • From GeojitFinancial:

    Gold price moved up as expected as equities retreated and investors remained cautious ahead of the FOMC rate decision later today.Economic data: US inflation rate May data today.Q4 Earnings: Centurytex, Tatametali, Shankara. #goldprice #equities #economicdata

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

Gold price up ahead Fed Policy meeting details | Nairametrics

Published on By Unity Bank Plc, has declared gross earnings of N44.59 billion for its 2019 financial year, continuing a path to strong growth started in 2018 financial year after the bank took bold corporate action to clean up its balance sheet in 2017….The audited 2019 full-year result showed that the Bank recorded a PBT of N3.64 billion, while Profit After Tax (PAT) closed at N3.38 billion, thereby consolidating on the gains on the reforms instituted by the Bank to grow a healthy balance sheet since the past two years….This is even as the Bank’s Total Asset saw a 71.93% increase to close at N293.052 billion from N210.80 billion in the corresponding period of 2018….Treasury bill auctions shows that the Debt Management Office sold N4.4 billion on the 91-day paper, N7.8 billion on the 182-day bill.  Published on By The latest data from yesterday’s Treasury bill auctions shows that Nigeria’s 364-day stayed flat at 4.02%….At the auction, the Debt Management Office sold N4.4 billion on the 91-day paper, N7.8 billion on the 182-day, and N78.7 billion on the 364-day bill….      Multichoice recorded 22% growth in subscribers revenue in Nigeria, expects new bouquets and 1H FY2020 migration to drive further growth.