{"id":13294,"date":"2021-08-09T07:30:00","date_gmt":"2021-08-09T06:30:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=13294"},"modified":"2021-08-09T20:49:05","modified_gmt":"2021-08-09T19:49:05","slug":"gold-technical-analysis-bearish-below-1780","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-bearish-below-1780\/","title":{"rendered":"Gold Technical Analysis – Bearish below $1,780"},"content":{"rendered":"\t\t
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Gold<\/a> suffered a major market sell-off last week after the much stronger than expected 900,000 plus US Non-farm payrolls job report and ultra-low 5.4 percent unemployment rate caused markets to believe that FED will taper QE towards the end of this year.<\/p>

The brutal sell-off in gold accelerated towards the $1,680 level after gold broke under the $1,750 level, making this area a key rebound or sell swing point to watch out for this week if the yellow-metal can get off the floor.<\/p>

News surrounding the US infrastructure bill and also the US CPI inflation report are likely to drive the overall direction of gold although it should be noted that a new bullish narrative for gold will need to emerge to stop a further sell-off towards the $1,680 price region again.<\/p>

In particular the $1,685 level is an important level before this is a key former swing-high for gold and the key breakout area last year when gold broke into a trading range between the $1,700 and $2,000 levels.<\/p>

Sentiment is offering a huge red flag for further losses this week as bullish sentiment was actually increasing during Friday\u2019s epic sell-off below the $18.00 level. This speaks to the fact that traders could be in for a short squeeze and are trapped from higher levels.<\/p>

The ActivTrades market sentiment tool shows that 78 percent of traders are still bullish towards gold. This is a notable ten percent increase since after the payrolls release and also it is a major bearish signal.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Gold short-term Technical Analysis<\/strong><\/p>

The short-term technicals for the yellow-metal shows that a major range breakout has taken place following the move under critical technical support, around the $1,780 level.<\/p>

Looking at this week the $1,730, $1,710 level are the big support levels to watch prior to the former key swing low, at $1,680. A break under the $1,680 level and gold will be on a very sticky wicket.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Gold Medium-term Technical Analysis<\/strong><\/p>

According to the daily time frame, gold has broken under a narrowing triangle pattern, which again suggests that a big directional of around $100.00 is currently in progress.<\/p>

The triangle pattern does suggest that gold could go as low as $1,650, however, it is likely that the news surrounding the infrastructure bill and COVID-19 will be the major narrative for gold bulls to focus on this week in regard to whether a recovery will or can begin.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Gold suffered a major market sell-off last week after the much stronger than expected 900,000 plus US Non-farm payrolls job report and ultra-low 5.4 percent unemployment rate caused markets to believe that FED will taper QE towards the end of this year. The brutal sell-off in gold accelerated towards the $1,680 level after gold broke […]<\/p>\n","protected":false},"author":4,"featured_media":13295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[42,28,163],"yoast_head":"\nGold Technical Analysis - Bearish below $1,780 - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-bearish-below-1780\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Bearish below $1,780\" \/>\n<meta property=\"og:description\" content=\"Gold suffered a major market sell-off last week after the much stronger than expected 900,000 plus US Non-farm payrolls job report and ultra-low 5.4 percent unemployment rate caused markets to believe that FED will taper QE towards the end of this year. 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