{"id":3270,"date":"2021-02-03T08:21:00","date_gmt":"2021-02-03T08:21:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=3270"},"modified":"2021-02-03T11:03:54","modified_gmt":"2021-02-03T11:03:54","slug":"gold-technical-analysis-gold-catches-the-silver-bug","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-gold-catches-the-silver-bug\/","title":{"rendered":"Gold Technical Analysis &#8211; Gold catches the silver bug"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3270\" class=\"elementor elementor-3270\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9ab91cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9ab91cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b617a98\" data-id=\"b617a98\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-882b3b4 elementor-widget elementor-widget-text-editor\" data-id=\"882b3b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The price of <a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">gold<\/a> has moved sharply lower, following a major rout in the price of <a href=\"http:\/\/bit.ly\/319C7df\" target=\"_blank\" rel=\"noopener\">silver<\/a>. The shiny metal tumbled below the $27.00 support level, marking a whopping $3.00 decline from the highs of the week.<\/p><p>Usually, the price of gold effects the price silver, however, such a huge decline in the price of silver appears to have injected a dose of fear into the metals market, causing gold, <a href=\"https:\/\/bit.ly\/3mDrHgr\" target=\"_blank\" rel=\"noopener\">copper<\/a>, and palladium to turn lower.<\/p><p>Something else to note is yesterday\u2019s major rally in the <a href=\"https:\/\/bit.ly\/37m9dMU\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a>. A major technical breakout took place in the index, and this is also weighing on the metals space at the moment, especially metals priced against the greenback.<\/p><p>Metals have advanced on the FED put over recent months, or to be more precise, the theory that the Federal Reserve will continue to pump trillions of US dollars into the system and further devalue the world\u2019s reserve currency.<\/p><p>Reports that the Biden administration is making solid progress with the latest COVID-19 stimulus package is now been taken as bullish for the US dollar. <a href=\"https:\/\/bit.ly\/3mBrxpW\" target=\"_blank\" rel=\"noopener\">Bonds<\/a> have also started to rise and caused a flight into the greenback.<\/p><p>Looking at the technicals behind gold, perhaps the most striking near-term feature is buyers inability to overcome the $1,870 level. Numerous failed upsides attempt at this level have caused bears to take the yellow-metal lower. A lack of demand above $1,870 has clearly weighed on gold speculators, who may now try to take gold down towards the $1,700, and dare I say it, $1,600 level.<\/p><p>Gold is currently battling around its 50-day moving average. A sustained loss of the 50-day MA should be considered heavily bearish and could prompt a test towards the 100-day and possibly the 200-day MA.<\/p><p><strong>Gold Sentiment Analysis<\/strong><\/p><p>Market sentiment towards gold is not bearish at the moment, in fact it is very bullish. The ActivTrader market sentiment tool shows that 67 percent of traders are bullish towards gold.<\/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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-54b4c15 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"54b4c15\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-88bac1c\" data-id=\"88bac1c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf73a2c elementor-widget elementor-widget-image\" data-id=\"bf73a2c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"295\" height=\"103\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/GOLD-CHART.png\" class=\"attachment-large size-large wp-image-3273\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dcf0ff1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dcf0ff1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62eaa76\" data-id=\"62eaa76\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9450fa5 elementor-widget elementor-widget-text-editor\" data-id=\"9450fa5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Source by ActivTrader.<\/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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb856a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb856a2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-935518c\" data-id=\"935518c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c4d3d8 elementor-widget elementor-widget-text-editor\" data-id=\"9c4d3d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>If sentiment remains high and gold continues to drop I would expect the price of gold to capitulate under the $1,800 support level.<\/p><p>Many traders may have been caught up in the false notion that gold will continue to move higher because retail traders are pushing the price of silver up. Pay close attention to sentiment towards golds this week because a major short squeeze could be coming.<\/p><p><strong>Gold Technical Analysis<\/strong><\/p><p>Lower time frame analysis shows that gold is trapped inside a large falling price channel, as the yellow-metal has repeatedly failed to move above the top of the channel, despite many upside attempts over recent days.<\/p><p>Weakness below the $1,800 level should cement the bear case here and could cause the price of gold to plunge towards the $1,730 and potentially the $1,700 support areas.<\/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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8973d21 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8973d21\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c61d5b\" data-id=\"4c61d5b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ed88bb elementor-widget elementor-widget-image\" data-id=\"1ed88bb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"297\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/GOLD-4H-1.png\" class=\"attachment-large size-large wp-image-3274\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad9a6d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad9a6d3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-94ecadc\" data-id=\"94ecadc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7e989b elementor-widget elementor-widget-text-editor\" data-id=\"e7e989b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Source by ActivTrader.<\/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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-433d0b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"433d0b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-72a0e03\" data-id=\"72a0e03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-231de6f elementor-widget elementor-widget-text-editor\" data-id=\"231de6f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Because the price channel is declining it is possible that an even greater fall towards the $1,680 area could take place. In theory, bulls failed to move price above the top of the channel so bears could test towards the bottom of the channel.<\/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":"<p>The price of gold has moved sharply lower, following a major rout in the price of silver. The shiny metal tumbled below the $27.00 support level, marking a whopping $3.00 decline from the highs of the week. Usually, the price of gold effects the price silver, however, such a huge decline in the price of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9],"tags":[109,42,28,49,180,40],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold Technical Analysis - Gold catches the silver bug - 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-gold-catches-the-silver-bug\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Gold catches the silver bug\" \/>\n<meta property=\"og:description\" content=\"The price of gold has moved sharply lower, following a major rout in the price of silver. The shiny metal tumbled below the $27.00 support level, marking a whopping $3.00 decline from the highs of the week. 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Nathan previously traded for Drashta Capital, a boutique Hedge Fund based in London and Sydney, and has worked as a FX Market Analyst for a number of leading brokerages in the United Kingdom.\",\"url\":\"https:\/\/youtrading.com\/en\/author\/nathanbatchelor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Gold Technical Analysis - Gold catches the silver bug - Youtrading UK","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/youtrading.com\/en\/gold-technical-analysis-gold-catches-the-silver-bug\/","og_locale":"en_GB","og_type":"article","og_title":"Gold Technical Analysis - Gold catches the silver bug","og_description":"The price of gold has moved sharply lower, following a major rout in the price of silver. The shiny metal tumbled below the $27.00 support level, marking a whopping $3.00 decline from the highs of the week. 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