{"id":33201,"date":"2022-08-05T12:18:00","date_gmt":"2022-08-05T11:18:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=33201"},"modified":"2022-08-05T18:37:23","modified_gmt":"2022-08-05T17:37:23","slug":"gold-technical-analysis-bulls-face-an-1800-barrier-ahead-of-the-us-key-job-data","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-bulls-face-an-1800-barrier-ahead-of-the-us-key-job-data\/","title":{"rendered":"Gold Technical Analysis &#8211; Bulls face an 1800 barrier ahead of the US Key Job data"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"33201\" class=\"elementor elementor-33201\" 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-fd6c79c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd6c79c\" 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-f56f00e\" data-id=\"f56f00e\" 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-aa4b754 elementor-widget elementor-widget-text-editor\" data-id=\"aa4b754\" 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><a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">Gold<\/a> extended modest gains for the 3<sup>rd<\/sup> week after bouncing off a 28-months low at 1680 and bulls are challenged by the 1800 level. The global recession fears continue to favour gold bids in the near term amid hot inflation figures.<\/p><p>The yellow metal was slightly down by -0.32% on Friday ahead of the US Jobs data. The Non-Farm payroll is expected to drop from a previous 372K to 250K in July and a disappointing outcome could lift gold bulls in the near term.<\/p><p>The <a href=\"https:\/\/bit.ly\/3tEOVsQ\" target=\"_blank\" rel=\"noopener\">US 10-year yield<\/a> rallied by +0.41% alongside <a href=\"https:\/\/bit.ly\/3tzpfOh\" target=\"_blank\" rel=\"noopener\">DXY<\/a> recovery by +0.19% ahead of the Non-Farm Employment Statistics. Global stocks took a hit as risk-on sentiment faded indicating investors\u2019 cautious stance ahead of the eventful day.<\/p><p>Investors will closely watch the US inflation data print due for release next Wednesday, 10 August, as the main gauge for the Fed rate cycle. Fed Chairman Powell indicated that the Fed would not provide forward guidance for the market but rather inflation and labour market data will be the main determinants of how aggressive the Fed will tighten.<\/p><p><strong>Intermediate-Term Analysis &#8211; Weekly Chart<\/strong><\/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-39fc71c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39fc71c\" 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-ec8b948\" data-id=\"ec8b948\" 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-befa20d elementor-widget elementor-widget-image\" data-id=\"befa20d\" 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\t<a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"250\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/Picture1.png\" class=\"attachment-large size-large wp-image-33237\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-7e4690f1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e4690f1\" 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-1dd37c29\" data-id=\"1dd37c29\" 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-6223023d elementor-widget elementor-widget-text-editor\" data-id=\"6223023d\" 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><a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4ad81eb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ad81eb\" 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-c43bc5c\" data-id=\"c43bc5c\" 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-11172d3 elementor-widget elementor-widget-text-editor\" data-id=\"11172d3\" 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>Gold rallied for the 3<sup>rd<\/sup> week straight and a bullish break above the 1840 level coinciding with a 50-day moving average could reinforce a bullish outlook towards the 2070 level. The yellow metal has been trapped inside a 28-month range between 2070 resistance and 1680 support. A break above 1840 and 1880 will be key for gold to rally towards the 2070 level.<\/p><p>However, a failure to break above the 1840 level could trigger selling pressure towards 1680, a level coinciding with a 200-day moving average. Bears remain in control below 1840 and a break below 1680 could trigger further downward pressure.<\/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-107e933 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"107e933\" 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-b444a29\" data-id=\"b444a29\" 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-25c84d0 elementor-widget elementor-widget-image\" data-id=\"25c84d0\" 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\t<a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"286\" height=\"103\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/GOLD-CHART-2.jpg\" class=\"attachment-large size-large wp-image-33238\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-582c3ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"582c3ee\" 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-f13aabb\" data-id=\"f13aabb\" 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-42c961d elementor-widget elementor-widget-text-editor\" data-id=\"42c961d\" 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>ActivTrader sentiment tool indicates that 61% of retail traders are bullish on Gold. China\u2019s retaliation to US House Speaker Nancy Pelosi\u2019s visit to Taiwan has caused gold to rally on the heightened geopolitical tensions between Washington and Beijing. China slapped Pelosi and her immediate family members with sanctions early Friday morning as an indication of widening tension from her act of defiance against China.<\/p><p>However, gold remains under bearish weakness as Fed members refute the sentiment of a pivot on the interest rate cycle. A further tightening could cap gold\u2019s bullish gains as money moves into interest-paying assets. Friday\u2019s US Jobs data will be a key factor in shaping the outlook in the near term.<\/p><p><strong>Short-term Analysis &#8211; H4 Chart<\/strong><\/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-837b532 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"837b532\" 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-4235873\" data-id=\"4235873\" 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-18d9dfb elementor-widget elementor-widget-image\" data-id=\"18d9dfb\" 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\t<a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"250\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/Picture3.png\" class=\"attachment-large size-large wp-image-33239\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-19298f00 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19298f00\" 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-3065459\" data-id=\"3065459\" 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-35795797 elementor-widget elementor-widget-text-editor\" data-id=\"35795797\" 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><a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dc600ff elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dc600ff\" 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-cce2760\" data-id=\"cce2760\" 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-b0c16b9 elementor-widget elementor-widget-text-editor\" data-id=\"b0c16b9\" 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>Gold opened slightly lower on Friday as bulls are faced with a near-term barrier at the 1800 level. A break above that high could cause buying pressure towards the 1840.00 level. Price is currently trading above both the 50-day and 200-day moving average suggesting bullish momentum above the 1750 level. The RSI reading is also trading slightly below the 70level suggesting that the trend hasn\u2019t reached an exhaustion level and further upside movement could be experienced in the near term.<\/p><p>However, if the price trades back below the 1750 level, immediate support, bears may regain control and downside pressure could be experienced. Bears may target the 1680 level if the 1720 and 1700 levels fail to hold.<\/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>Gold extended modest gains for the 3rd week after bouncing off a 28-months low at 1680 and bulls are challenged by the 1800 level. The global recession fears continue to favour gold bids in the near term amid hot inflation figures. The yellow metal was slightly down by -0.32% on Friday ahead of the US [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":9397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[154,42,28,288,517],"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 - Bulls face an 1800 barrier ahead of the US Key Job data - 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-bulls-face-an-1800-barrier-ahead-of-the-us-key-job-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Bulls face an 1800 barrier ahead of the US Key Job data Gold Technical Analysis - Bulls face an 1800 barrier ahead of the US Key Job data\" \/>\n<meta property=\"og:description\" content=\"Gold extended modest gains for the 3rd week after bouncing off a 28-months low at 1680 and bulls are challenged by the 1800 level. The global recession fears continue to favour gold bids in the near term amid hot inflation figures.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-bulls-face-an-1800-barrier-ahead-of-the-us-key-job-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-05T11:18:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-05T17:37:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/GettyImages-520404038.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"502\" \/>\n\t<meta property=\"og:image:height\" content=\"269\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gold Technical Analysis - Bulls face an 1800 barrier ahead of the US Key Job data Gold Technical Analysis - Bulls face an 1800 barrier ahead of the US Key Job data\" \/>\n<meta name=\"twitter:description\" content=\"Gold extended modest gains for the 3rd week after bouncing off a 28-months low at 1680 and bulls are challenged by the 1800 level. 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