{"id":3826,"date":"2021-02-17T10:35:00","date_gmt":"2021-02-17T10:35:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=3826"},"modified":"2021-02-17T13:51:42","modified_gmt":"2021-02-17T13:51:42","slug":"gold-technical-analysis-watching-head-and-shoulders-pattern","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-watching-head-and-shoulders-pattern\/","title":{"rendered":"Gold Technical Analysis &#8211; Watching head and shoulders pattern"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3826\" class=\"elementor elementor-3826\" 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-5bb1956 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bb1956\" 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-d501a1a\" data-id=\"d501a1a\" 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-c7d7b69 elementor-widget elementor-widget-text-editor\" data-id=\"c7d7b69\" 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> came under heavy selling pressure yesterday, and is still under pressure, following a rise in the <a href=\"https:\/\/bit.ly\/37m9dMU\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> as traders started to bet that the United States economy was beginning to grow better than other developed economies.<\/p><p><a href=\"https:\/\/bit.ly\/3mBrxpW\" target=\"_blank\" rel=\"noopener\">US Treasury<\/a> yields exploded to the upside, providing a clear sign that financial markets are starting to grow more bullish towards a coming economic recovery. The US 10-year yield broke above the January 2021 high, of 1.2 percent, while the 30-year yield moved above the benchmark 2.0 percent level.<\/p><p>Traders are starting to sell gold and move into the greenback, as they believe that the Federal Reserve will need to raise interest rates soon-than-expected. Commodity-related currencies also bore the brunt of the selling.<\/p><p>Gold had been lingering without much direction between the $1,820 to $1,850 price range over recent weeks before yesterday\u2019s breakdown took place. From a price action perspective, the yellow metal looked ripe for a correction after failing to break above a key trendline resistance last week.<\/p><p>Technical traders are now keeping a close eye on the $1,800 level as this is the big support area which has been provoking bounces for much of 2021 when gold has appeared vulnerable to selling pressure.<\/p><p>Going forward, weakness below the $1,800 level will be a big red flag signalling that bears intend to take gold prices much lower. The downside could really accelerate if this scenario does happen as gold has been consolidating for an extended period of time.<\/p><p>It must also be noted that while Bitcoin and other cryptos have been rallying sharply over recent months gold has remained extremely muted from a price perspective. This new phenomenon is happening at time when Bitcoin hit a new all-time high of $50,000 yesterday.<\/p><p>Should this dynamic continue then gold be in for a nasty period of technical selling towards the $1,710 and possible the $1,600 area over the coming weeks. Seasonality is also not on gold\u2019s side at the moment.<\/p><p><strong>Gold Sentiment Analysis<\/strong><\/p><p>Market sentiment data on the ActivTrader platform currently shows that some 44 percent of traders are bearish towards gold right now, and 56 percent of traders are bullish towards the yellow metal.<\/p><p>This is not a concerning bullish skew at the moment, however, if traders turn more bullish towards gold and the price continues to fall then we should expect a powerful bearish short-term trend to form.<\/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-8ec394d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8ec394d\" 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-d8bf33d\" data-id=\"d8bf33d\" 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-1f97449 elementor-widget elementor-widget-image\" data-id=\"1f97449\" 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=\"296\" height=\"104\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/GOLD-CHART-1.png\" class=\"attachment-large size-large wp-image-3829\" 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-3b01e0c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b01e0c\" 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-631d0c0\" data-id=\"631d0c0\" 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-9fb66f8 elementor-widget elementor-widget-text-editor\" data-id=\"9fb66f8\" 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 Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that a bearish head and shoulders pattern has formed, and has been activated, following the move under neckline support around the $1,815 support level.<\/p><p>According to the total size of the bearish pattern the yellow metal could tumble by around $150.00. Overall, watch out for heavy short-term losses while the yellow-metal trades under the $1,815 resistance level.<\/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-d95d9f9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d95d9f9\" 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-b7e1f0e\" data-id=\"b7e1f0e\" 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-7f0ecc2 elementor-widget elementor-widget-image\" data-id=\"7f0ecc2\" 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=\"300\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/GOLD-4H-2.png\" class=\"attachment-large size-large wp-image-3830\" 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-387c32c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"387c32c\" 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-d89777f\" data-id=\"d89777f\" 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-bca2a8b elementor-widget elementor-widget-text-editor\" data-id=\"bca2a8b\" 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-252be4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"252be4b\" 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-0dcbf54\" data-id=\"0dcbf54\" 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-4ce8e00 elementor-widget elementor-widget-text-editor\" data-id=\"4ce8e00\" 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 big feature recently has been a large falling price channel on the daily time frame. The falling price is located between the $1,850 and $1,700 levels. Gold has recently been rejected from the top of the falling price channel.<\/p><p>Typically, these types of patterns are considered bullish, so we should except buyers to try to step in from the bottom of the price pattern if a decline below the $1,770 and $1,750 levels takes place.<\/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-c001108 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c001108\" 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-9fa18b9\" data-id=\"9fa18b9\" 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-ff3eff4 elementor-widget elementor-widget-image\" data-id=\"ff3eff4\" 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=\"300\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/gold-1d-1.png\" class=\"attachment-large size-large wp-image-3831\" 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-2b8b1b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2b8b1b0\" 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-3164912\" data-id=\"3164912\" 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-3c83a04 elementor-widget elementor-widget-text-editor\" data-id=\"3c83a04\" 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\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 came under heavy selling pressure yesterday, and is still under pressure, following a rise in the US dollar index as traders started to bet that the United States economy was beginning to grow better than other developed economies. US Treasury yields exploded to the upside, providing a clear sign that financial markets are starting [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9],"tags":[176,42,28,40,71],"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 - Watching head and shoulders pattern - 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-watching-head-and-shoulders-pattern\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Watching head and shoulders pattern\" \/>\n<meta property=\"og:description\" content=\"Gold came under heavy selling pressure yesterday, and is still under pressure, following a rise in the US dollar index as traders started to bet that the United States economy was beginning to grow better than other developed economies. 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He holds a degree in Business and Finance and has an extensive background providing research for prop houses, and fund managers. 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