{"id":43405,"date":"2023-03-27T05:29:00","date_gmt":"2023-03-27T04:29:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=43405"},"modified":"2023-03-27T22:16:35","modified_gmt":"2023-03-27T21:16:35","slug":"gold-technical-analysis-2000-struggle","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-2000-struggle\/","title":{"rendered":"Gold Technical Analysis – $2,000 Struggle"},"content":{"rendered":"\t\t
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Gold<\/a> continues to consolidate below the $2,000 level as the yellow metal benefits from worries about Deutsche Bank, following the recent spike in Credit Default Swaps for the German bank.<\/p>

Gold rallied towards the $1,980 area, but crucially it continues to struggle above the $2,000 level which could hint that a much deeper price correction may be coming before gold starts to break higher.<\/p>

After Credit Suisse<\/a> shares have recovered recently but now Deutsche bank<\/a> share are under pressure from the borrowing costs, it is likely to make traders hold more gold instead of euros.<\/p>

Gold is likely to remain in favour, and trade higher, as worries spread across financial markets with all major indexes falling sharply. The only issue for gold would be a risk-on rally.<\/p>

A correction to $1,880 could happen due a number of technical divergences as I will discuss in more detail on the technical analysis section below.<\/p>

However, even if a dip does take place I think gold is going major bull trend and traders will move away from the US dollar <\/a>this year and move into gold, with the yellow metal eventually hit $2,300 and much higher.<\/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 more bearish all of a sudden, which hints that this current move back to the $2,000 level could eventually be sustainable.<\/p>

The ActivTrader market sentiment tool shows that 42 percent of traders are bullish towards gold. Going forward, we really need to see a much strong negative bias by retail to help the chances of a sustained rally to $2,000.<\/p>

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

According to technical analysis gold the price of gold has moved \u00a0above its 200-period moving average on the four-hour time frame, meaning that the short-term price trend remains very bullish above the $1,950 level.<\/p>

It is also noteworthy that gold has formed significant amounts of negative MACD price divergence, which extends toward the $1,880 support 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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Gold Medium-term Technical Analysis<\/strong><\/p>

The daily chart shows that the yellow-metal has moved back inside its two-year range and bounced its 200-day moving average, around the $1,780 support area.<\/p>

We could see the price of gold making new highs if it ignites the cup and handle pattern as depicted in the chart below. Gold could explode above the $2,000 level and then hit the $2,300 level with relative ease.<\/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 continues to consolidate below the $2,000 level as the yellow metal benefits from worries about Deutsche Bank, following the recent spike in Credit Default Swaps for the German bank. Gold rallied towards the $1,980 area, but crucially it continues to struggle above the $2,000 level which could hint that a much deeper price correction […]<\/p>\n","protected":false},"author":4,"featured_media":21144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[242,28,67],"yoast_head":"\nGold Technical Analysis - $2,000 Struggle - 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-2000-struggle\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - $2,000 Struggle Gold Technical Analysis - $2,000 Struggle\" \/>\n<meta property=\"og:description\" content=\"Gold continues to consolidate below the $2,000 level as the yellow metal benefits from worries about Deutsche Bank, following the recent spike in Credit Default Swaps for the German bank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-2000-struggle\/\" \/>\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=\"2023-03-27T04:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-27T21:16:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/01\/GettyImages-1717128-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"322\" \/>\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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