Gold Daily Price Recap
Gold is up 0.62% ($11.05) since the day prior, marking the 3rd day in a row an upward move has occurred. On a relative basis, Gold was the worst performer out of all 5 of the assets in the metals asset class today. Let’s take a look at the daily price chart of Gold.
Gold Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
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 BRP_Sabina:
@LegalNonAlien We can only disclose the IRR & sensitivities in our current Feasibility Study as per NI 43-101. We would love to post current IRR at today’s gold price (would be over the top). We are working towards a new technical report to allow us to do so. Our CFO is a very hard worker.
- From GoldSeabridge:
Citi raised its gold price forecast this week to $1825 near term and $2000 by early next year. Last week Goldman Sachs forecast new record high gold prices within the next 12 months and Bank of America released a note saying gold could break its US dollar record by year-end.
- From LegalNonAlien:
@DavidFi_ Groups come in stages/phases. Its junior’s time now. Better seniors will have their chances during earnings if covid shutdown didnt affect them. Average Q2 gold price near $1700. If not they they could pre-announce mid quarter Q3 if full production and same or higher prices.
As for a news story related to Gold getting some buzz:
The Price of Gold Goes Up Because fiat currencies can be created boundlessly, over time their value declines, and thus the price of gold denominated in fiat money goes up….Gold Preserves its Purchasing Power Governments aim for stable prices of consumer goods….Because the gold price keeps up with prices of consumer goods, gold preserves its purchasing power….When corrected for (consumer price) inflation, gold in the eurozone has increased in purchasing power by 350% in 20 years….Every Investment Portfolio Needs Gold Regularly, when stock markets crash investors flee to gold, causing the gold price to rise….I expect the gold price to rise going forward, because there are currently huge bubbles in asset markets and central banks continue to print money to support these bubbles.