Gold (XAUUSD) Up $4.24 Over Past 4 Hours, And A Link About Melek; Fares the Worst Out of metals

Gold 4 Hour Price Update

Updated June 08, 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. 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

1685.05005 was the closing price of the day for Gold, resulting in today being one in which price moved down 1.69% ($28.95) from the day prior. On a relative basis, Gold was the worst performer out of all 5 of the assets in the metals asset class today. Here is a daily price chart of Gold.

Gold Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Gold crossed below 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. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 14 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For additional context, note that price has gone up 7 out of the past 14 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 777luigixxx:

    @MacleodFinance Alasdair, let it go! The LBMA/Comex story is old news! Have you seen how they have been crashing the gold price lately? I want gold prices to go up as much as you do but you need to understand that the current global fiat system is way more powerful than the one of John Law!

  • From DesoGames:

    This runs counter to the entire existence of COMEX, which was to depress the gold price by flooding the market with paper that is “as good as gold” while it definitely is not and deliver as little as possible. Clients get cheap gold and speculators get profit opportunity.

  • 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.

For a longer news piece related to XAUUSD that’s been generating discussion, check out:


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….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….Despite being above Friday‚Äôs low of $1,670.76, the bullion nears the lowest in more than a month as safe-havens remains offered amid broadly upbeat trading sentiment….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….FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.