Gold (XAUUSD) Up $4.24 Over Past 4 Hours, And A Story About Resistance Region; Came Into Today Up For the 3rd Day In A Row

Gold 4 Hour Price Update

Updated June 02, 2020 11:18 PM GMT (07:18 PM 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

Gold closed yesterday up 0.94% ($16.15); this denotes the 3rd day in a row an increase 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 yesterday. Here 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. For another vantage point, consider that Gold’s price has gone up 6 of the previous 10 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 mijnamo:

    @aus_econ @lisazdavies @smh That decision was driven by Peter Costello . The man who the LNP claim as Australia’s greatest treasurer . Poor old Pete is prone to such blunders . When the gold price was $306 an ounce he sold two thirds of Australia’s reserves. Today’s price is over $1,700 an ounce

  • From GrantMBeasley:

    Canadian sell side so stupid. They see gold price go up & then chase higher. BMO long term now $1400. They do a big call about it Friday LMFAO. Such shit for brains scaredy cats. I give BoA credit. They went to $3,000. If you’re going to make a call, MAKE A CALL.

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

Gold Price Forecast: Pullback Ahead as Gold Approaches $1,800

A third target also corresponds with the $1,800 resistance region for gold….In July of 2019, when gold broke higher through its 6-year base at $1,434 (red callout), we calculated a long-term target of $1,823 per ounce….The target for gold over the short-term thus becomes $1,791 per ounce in the spot market, calculated as equal to $88 added onto the apex of the triangle at $1,703.