Gold Daily Price Recap
The end of a 3 day positive run has come for Gold, which finished yesterday down 0.74% ($14.52). Relative to other instruments in the metals asset class, Gold ranked 4th since yesterday in terms of percentage price change. Here is a daily price chart of Gold.
Gold Technical Analysis
Notably, Gold crossed below its 20 day moving average yesterday. Volatility for Gold has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 30 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. Or to view things another way, note that out of the past 14 days Gold’s price has gone up 8 them.
Overheard on Twitter
Over on Twitter, here were the top tweets about Gold:
- From StayOffTheRoad1:
The Gold Confication Act of ‘33 made it illegal to own more than 5 ounces of gold. Excess has to be sold to the government for its pegged price, about $20/oz.One year later, after they confiscated or “bought” everyone’s gold, they raised the gold price to $35/oz.
- From myprecious999:
@sc107sc @ArcadiaEconomic Equities went for a big dip. Think the $DXY and 10 year bond yields went up this week? But the $Gold price just shrugged them off. Do you think there is a rotation out of tech to mining?
- From MAmedeker:
The Agyapa is completely undervalued, considering the present gains from our royalties and the future forecasted metal prices, now the gold price is far higher than the previous years and the royalties will increase spontaneously from this year.
For a longer news piece related to XAUUSD that’s been generating discussion, check out:
Therefore, if the price keeps above this moving average, there is a chance that XAU/USD will resume the uptrend, invalidating the bearish picture altogether….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….All risks, losses and costs associated with investing, including total loss of principal, are your responsibility….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.