Gold Daily Price Recap
Gold entered today at $1879.44995, down 1.44% ($27.38) from yesterday. Relative to other instruments in the metals asset class, Gold ranked 3rd since yesterday in terms of percentage price change. 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 below its 20 and 100 day moving averages yesterday. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 10 days Gold’s price has gone up 6 them. 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 MtBenJami:
@JerichoJudson @zerohedge Thats not how supply and demand worksSupply rate only increases if it becomes more economical/easier to mine or the gold value makes it profitable to prioritise (its a resource trade off)Increasing rates of gold supply are driven by technology advances & increasing gold price
- From Am_Goldstein:
@GlobalProTrader David, uve been very consistent & more important, uve been correct all along. You correctly called the gold price/market action months ago and discussed why you believe those things. No black box predictions. I’ve been tracking numerous commentators & u simply are the best!
- From 2020Upstream:
See the super spike in $Gold volume?The number one objective for the $Gold price riggers is to be sure nobody believes $Gold is a safe harbor in a storm. The have created an #Algo to mimic a fake stocks/gold correlation to do the job.
For a longer news piece related to XAUUSD that’s been generating discussion, check out:
(Kitco News) A combination of election and coronavirus jitters is boosting the U.S. dollar and dragging gold down along with equities, according to analysts….The markets were anticipating a stimulus deal, but there’s no stimulus coming between now and the election,” RJO Futures senior commodities broker Bob Haberkorn told Kitco News on Wednesday….A Trump win is likely to trigger a significant rally in equities followed by a significant rise in gold and silver, which would be coupled with the hope that a stimulus deal would be coming through soon, Haberkorn explained….Equities could get spooked even more, which will probably pull gold and silver lower ahead of the election,” he noted.