{"id":40556,"date":"2023-01-16T02:59:00","date_gmt":"2023-01-16T02:59:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=40556"},"modified":"2023-01-17T18:09:13","modified_gmt":"2023-01-17T18:09:13","slug":"gold-technical-analysis-1880-breakout","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-1880-breakout\/","title":{"rendered":"Gold Technical Analysis – $1,880 breakout"},"content":{"rendered":"\t\t
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Gold<\/a> had another huge week on the precious market after breaking the $1,880 level, which effectively caused strong technical buying that pushed the yellow metal above the $1,900 level.<\/p>

A major move in the bond market and a sell-off in the DXY<\/a> prompted the move. As I have mentioned frequently the price of gold is basically correlated in an inverted fashion to the greenback.<\/p>

It is also noteworthy that demand for gold rose by 28% last year, primarily driven by a flight towards safer assets amid soaring inflation. A significant amount of this demand has come from central banks in recent months.\u00a0<\/p>

Going forward, if we see the price of gold trading above the $1,880 for a significant amount of time I would expect a test towards the $1,980 to $2,000 area this quarter.<\/p>

A significant breach of the $1,880 area and I would expect the price of gold to crash quite quickly under $1,800 and then basically to recover with some gusto back to current levels.<\/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 not so bullish, which still hints that retail are leaning towards more gains this week.<\/p>

The ActivTrader market sentiment tool shows that 58 percent of traders are bearish towards gold. Going forward, we really need to see a much stronger negative bias by retail to help the chances of $2,000 being hit.<\/p>

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

According to technical analysis gold the price of gold could head towards $2,000 as it continues to make bullish higher highs, with the metal feverishly being snapped up on price dips.<\/p>

These type of pattern higher highs and lower lows often mark strong trends, although the MACD indicator does call for the metal to retrace as it somewhat overbought right now.<\/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 broken the resistance at $1,877 would has activated a huge, inverted head-and-shoulders pattern on the daily chart.<\/p>

Traders be warned that the mentioned bullish price pattern has a measured target of $1,975. In short, medium-term traders need to be positioned long or buy into pullbacks.<\/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 had another huge week on the precious market after breaking the $1,880 level, which effectively caused strong technical buying that pushed the yellow metal above the $1,900 level. A major move in the bond market and a sell-off in the DXY prompted the move. As I have mentioned frequently the price of gold is […]<\/p>\n","protected":false},"author":4,"featured_media":25703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[28,40],"yoast_head":"\nGold Technical Analysis - $1,880 breakout - 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-1880-breakout\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - $1,880 breakout Gold Technical Analysis - $1,880 breakout\" \/>\n<meta property=\"og:description\" content=\"Gold had another huge week on the precious market after breaking the $1,880 level, which effectively caused strong technical buying that pushed the yellow metal above the $1,900 level.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-1880-breakout\/\" \/>\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=\"2023-01-16T02:59:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-17T18:09:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/04\/zlataky-cz-bN3KYPiAd8k-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 - 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