{"id":39871,"date":"2023-01-02T06:34:00","date_gmt":"2023-01-02T06:34:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=39871"},"modified":"2023-01-02T21:22:23","modified_gmt":"2023-01-02T21:22:23","slug":"gold-technical-analysis-strong-signs","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-strong-signs\/","title":{"rendered":"Gold Technical Analysis – Strong signs"},"content":{"rendered":"\t\t
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Gold<\/a> closed the month above the $1,820 level, marking its best monthly price close since July last year and also it managed to perform an annual price close above its 2022 opening price.<\/p>

This year the yellow metal has a number of bullish catalysts, for example, the world Gold Council (WGC) data shows that while there\u2019s been a rise in retail demand, central banks are hoarding gold at an extremely fast pace.<\/p>

A number of reports citing WGC data show that the central banks\u2019 current demand for gold has risen at the fastest pace since 1967. China recently disclosed that the country purchased 1.03 million ounces of fine gold or the equivalent of 32 tons of the precious metal.<\/p>

China\u2019s State Administration of Foreign Exchange detailed the purchase cost the country around $1.8 billion. Other central banks around the world are also buying large amounts of gold.<\/p>

Technically, golds run above its 200-day moving average is a positive sign. It is imperative that the yellow metals continue to make traction above this key technical metric this week.<\/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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Current sentiment metric towards gold shows that sentiment has become slightly more bullish, which hints that retail are leaning towards more gains this week.<\/p>

The ActivTrader market sentiment tool shows that 49 percent of traders are bullish towards gold. Going forward, we really need to see a strong negative bias by retail to help the chances of a sustained recovery.<\/p>

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

According to technical analysis gold the price of gold could be about to move higher after invalidating head and shoulders pattern on the four-hour time frame.<\/p>

It is also noteworthy that a negative force is also seen, and that is bearish MACD price divergence. The divergence hints that a correction towards the $1,770 level is possible.<\/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>

The daily chart shows that the yellow-metal has moved back inside its two-year range and more importantly it is starting to make traction above its 200-day moving average for the first time in nearly 6 months.<\/p>

We could see the price of gold revisit the top of its range again around $1,875. However, before that the price of gold has an important battle with its 200-day moving average, around the $1,800 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

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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 closed the month above the $1,820 level, marking its best monthly price close since July last year and also it managed to perform an annual price close above its 2022 opening price. This year the yellow metal has a number of bullish catalysts, for example, the world Gold Council (WGC) data shows that while […]<\/p>\n","protected":false},"author":4,"featured_media":39873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[99,28,752],"yoast_head":"\nGold Technical Analysis - Strong signs - 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-strong-signs\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Strong signs Gold Technical Analysis - Strong signs\" \/>\n<meta property=\"og:description\" content=\"Gold closed the month above the $1,820 level, marking its best monthly price close since July last year and also it managed to perform an annual price close above its 2022 opening price.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-strong-signs\/\" \/>\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=\"2023-01-02T06:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-02T21:22:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/01\/gettyimages-184973930.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"363\" \/>\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 - 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