{"id":33859,"date":"2022-08-23T01:40:00","date_gmt":"2022-08-23T00:40:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=33859"},"modified":"2022-08-23T11:29:30","modified_gmt":"2022-08-23T10:29:30","slug":"gold-technical-analysis-1700-critical-support","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-1700-critical-support\/","title":{"rendered":"Gold Technical Analysis &#8211; $1,700 Critical Support"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"33859\" class=\"elementor elementor-33859\" 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-3c19586 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c19586\" 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-3cba98e\" data-id=\"3cba98e\" 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-11e84a2 elementor-widget elementor-widget-text-editor\" data-id=\"11e84a2\" 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> prices trade at a three-week low today as August recovery losses steam due to the <a href=\"https:\/\/bit.ly\/3tzpfOh\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> hitting a five-week high overnight and fears over the Fed starting more aggressive rate hikes.<\/p><p>The buck is back at a 20-year high, which keeping the precious metals under pressure as they revert back to the downtrend which has been so prevalent during the course of this year.<\/p><p>Traders and investors are becoming increasingly concerned and risk averse amidst aggressive Federal Reserve action and the potential of a US economic recession this and next year.<\/p><p>Gold traders now eagerly await Fed Chairman Jerome Powell Friday morning on Friday as he speaks about monetary policy at Jackson Hole annual symposium in Wyoming, United States.<\/p><p>China is also in the news in regard to the slowing economy. The central bank of China, known as the PBOC cut its one- and five-year prime loan rates Monday, a move that was expected following the rate cuts last week.<\/p><p>Sentiment is also becoming more of a problem for the price of gold right now. The sentiment skew is getting more bullish, which is a negative force against a recovery in the price of gold this week.<\/p><p>Current sentiment metric towards gold show that traders are still bullish, although sentiment has dropped since last week. The ActivTrader market sentiment tool shows that 64 percent of traders are bullish towards gold.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p><p>Going forward, we really need to see a negative bias by retail to help the chances of a stronger rally. Current sentiment metrics may make it difficult for gold price to rally.<\/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-aa43b37 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa43b37\" 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-17d9dd1\" data-id=\"17d9dd1\" 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-14d7735 elementor-widget elementor-widget-image\" data-id=\"14d7735\" 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=\"431\" height=\"164\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/GOLD-CHART-4.jpg\" class=\"attachment-large size-large wp-image-33872\" 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-0a5a5bd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a5a5bd\" 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-845b5f3\" data-id=\"845b5f3\" 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-51d6e3b elementor-widget elementor-widget-text-editor\" data-id=\"51d6e3b\" 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><strong>Gold short-term Technical Analysis<\/strong><\/p><p>The short-term technicals for the yellow metal are worrying, as the price of gold has faced a huge rejection from the neckline of a head and shoulders pattern that has yet to meet its full upside price target.<\/p><p>Looking at the size of the bearish reversal pattern, at a very minimum, see the price of gold falling moving the $1,620 level, or even lower around the $1,480 level in the short-term.<\/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-fed6e08 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fed6e08\" 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-45786de\" data-id=\"45786de\" 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-cccb22e elementor-widget elementor-widget-image\" data-id=\"cccb22e\" 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=\"936\" height=\"554\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/GOLD-4H-2.jpg\" class=\"attachment-large size-large wp-image-33873\" 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-25a5c6f7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25a5c6f7\" 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-656d772d\" data-id=\"656d772d\" 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-4dbae0f0 elementor-widget elementor-widget-text-editor\" data-id=\"4dbae0f0\" 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-4fa8088 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4fa8088\" 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-03a27f1\" data-id=\"03a27f1\" 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-34016af elementor-widget elementor-widget-text-editor\" data-id=\"34016af\" 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><strong>Gold Medium-term Technical Analysis<\/strong><\/p><p>The daily chart shows that gold has tested back towards its trend defining 200-day moving average and just like the head and shoulders patter, large scale price failure has occurred.<\/p><p>Should we see the $1,700 level a major price breakdown could occur. I think at a very minimum over the medium-term a move towards the $1,480 level. Bulls beware if the price moves under $1,700.<\/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-c0b46f1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c0b46f1\" 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-ea3971f\" data-id=\"ea3971f\" 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-08d1cb7 elementor-widget elementor-widget-image\" data-id=\"08d1cb7\" 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=\"936\" height=\"553\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/gold-1d-2.jpg\" class=\"attachment-large size-large wp-image-33875\" 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-1ddffe59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ddffe59\" 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-7f954ff1\" data-id=\"7f954ff1\" 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-9b89e9a elementor-widget elementor-widget-text-editor\" data-id=\"9b89e9a\" 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\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 prices trade at a three-week low today as August recovery losses steam due to the US dollar index hitting a five-week high overnight and fears over the Fed starting more aggressive rate hikes. The buck is back at a 20-year high, which keeping the precious metals under pressure as they revert back to the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":33867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[42,28,200,40],"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 - $1,700 Critical Support - 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-1700-critical-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - $1,700 Critical Support Gold Technical Analysis - $1,700 Critical Support\" \/>\n<meta property=\"og:description\" content=\"Gold prices trade at a three-week low today as August recovery losses steam due to the US dollar index hitting a five-week high overnight and fears over the Fed starting more aggressive rate hikes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-1700-critical-support\/\" \/>\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=\"2022-08-23T00:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-23T10:29:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/zlataky-cz-y7jRMXOz7pE-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\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 - $1,700 Critical Support Gold Technical Analysis - $1,700 Critical Support\" \/>\n<meta name=\"twitter:description\" content=\"Gold prices trade at a three-week low today as August recovery losses steam due to the US dollar index hitting a five-week high overnight and fears over the Fed starting more aggressive rate hikes.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/gold-technical-analysis-1700-critical-support\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/gold-technical-analysis-1700-critical-support\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Gold Technical Analysis &#8211; 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