Gold (XAUUSD) Up $4.24 On 4 Hour Chart, And A Story About Note; Price Base in Formation Over Past 14 Days

Gold 4 Hour Price Update

Updated May 31, 2020 11:18 PM GMT (07:18 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. 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 is up 0.62% ($10.6) since yesterday, marking the 2nd day in a row an increase has occurred. Relative to other instruments in the metals asset class, Gold ranked 4th since yesterday in terms of percentage price change. Below is a daily price chart of Gold.

Gold Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Gold’s price has gone up 5 of the previous 10 trading days.

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 PranArora9:

    Just a statistic:
    India gold loan business has gone up by 9 times in last 10 years – which overlaps with gold price increase between 2006 to 2012 & economic crisis of 2008/9 .Can we infer that gold loan business goes up when gold prices go up and when there is economic crisis ?

  • From NabilKurd:

    @AlvaroVargasLl @dan_azzi 😂
    To make sense of this
    BDL must have sold in the money call options against their gold holdings & collected the proceedsThis requires BDL to mark gold at the strike price~under market priceIf gold price rises further, then BDL will have to unwind the position at a loss

  • From daleholmgren:

    @Amdalleq @AndreasSteno The only way out is to let the price of gold and silver rise tremendously by devaluing all dollar denominated debts. Gold investors win, while everyone “pays” price of bailing us out via absorbing inflation. Gold price rise will begin to accelerate from here on.

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

Gold price to rise to $2 000/oz by year-end, says Velocity Trade Capital

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