Gold (XAUUSD) Up $4.24 Over Past 4 Hours, And A Story About Fxstreet; Entered Today Up 0.8%

Gold 4 Hour Price Update

Updated June 09, 2020 07:18 AM GMT (03:18 AM EST)

Gold is up 0.24% ($4.24) since the previous 4 hours, 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

The back and forth price flow continues for Gold, which started today off at 1698.5 US dollars, up 0.8% ($13.45) from the day prior. 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. Let’s take a look at the daily price chart of Gold.

Gold Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Gold crossed above its 50 day moving average yesterday. 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. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For another vantage point, consider that Gold’s price has gone up 17 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Gold:

  • From DavidFi_:

    $NG. It is what it is. 40m oz in a remote location. It will cost billions to build it and extract the gold. At some gold price (not 1700) the capex will make sense. You can plug in your own gold price and work out whether it is for you or not. But Bre-X it ain’t. Calm down.

  • From 2020Upstream:

    Avoid GLD, there is a lot of research indicating that it is a tool that can be used by central bankers to keep the gold price suppressed.Avoid futures, options & other paper schemes, because these are tools in the price riggers’ arsenal.Buy physical metal, both gold & silver.

  • From unusualvalue:

    Evidence for this for example during 2013-2018 where the gold price was basically flat within a tight range but $FNV were able to grow FCF per share in the teens and the share price roughly kept pace while the miners didn’t even come close to achieving this.

In terms of news links for Gold here’s one to try:


Gold Price Forecast: The tide turned alongside sentiment

Valeria Bednarik
FXStreet

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Gold prices are ending a third consecutive week in the red, collapsing towards the 1,670.00 level at the end of the week….Spot gold trades at fresh five-week lows as the day comes to an end, and as said, approaching $1,670.00 a troy ounce….The sharp decline remains as corrective in the long term, as the weekly chart shows that the commodity continues to develop above a firmly bullish 20 SMA, while over $270 above the 100 SMA….Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress….Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors….Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.