Gold (XAUUSD) Up $4.24 Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Entered Today Down 1.76%

Gold 4 Hour Price Update

Updated June 04, 2020 03:18 AM GMT (11:18 PM EST)

Gold is up 0.24% ($4.24) since the last 4 hour candle, marking the 2nd candle in a row an upward move has occurred. Those trading within the metals asset class should know that Gold was the worst performer in the class the current 4 hour candle.

Gold Daily Price Recap

Gold came into today down 1.76% ($30.45) from the open of the day prior, marking the 2nd day in a row 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. The daily price chart of Gold below illustrates.

Gold Technical Analysis

First things first: Gold crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that Gold’s price has gone down 6 of the previous 10 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Gold:

  • From currencyat:

    @BTCTimeTraveler If you try to remove outside events (the news, the stock market, gold price), then you are left with “this wave was amplified at this time point for no reason”. You can’t look at TA, because you’re already looking at TA. So many hours I’ve spent reading and thinking about this.

  • From BeingPatient1:

    Bemused at the selling in #HUM on those results.Cash inflow from ops was $44.7mln at avg gold price of $1,377/oz.Since then they sold 24.5k Oz at $1,568 in Q1.Annual cash flows at $1,700+ based on production guidance not far from covering current market cap!I hold.

  • From PopescuCo:

    @FabriceDrouin No question both Russia, China want an end to the gold price control by COMEX but I am not sure this official gold mining decision by both countries is for this reason but you have a good point in my puzzle.

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

Gold price today: Rs 47,043 per 10 gm; silver at Rs 49,330 per kg | Business Standard News

Gold rate in Chennai is Rs 49,220 and Mumbai Rs 47,070….The price of 22-carat gold is about Rs 45,900 in New Delhi per 10 gram while in Chennai, the price is at Rs 45,120.