{"id":46018,"date":"2023-05-31T05:42:00","date_gmt":"2023-05-31T04:42:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46018"},"modified":"2023-05-31T11:42:36","modified_gmt":"2023-05-31T10:42:36","slug":"gold-technical-analysis-bearish-under-2000","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gold-technical-analysis-bearish-under-2000\/","title":{"rendered":"Gold Technical Analysis – Bearish under $2,000"},"content":{"rendered":"\t\t
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Gold<\/a> has started to rebound higher after finding support around the $1,930 level, still the price of gold is set for a negative monthly close as the yellow metal looked toppy around the $2,000 level.<\/p>

In the bigger picture, the view on gold remains very optimistic, with 71% of respondents saying global central bank gold holdings would rise in the next twelve months compared to 61% last year.<\/p>

But there is also a growing divide in how the emerging market and developing economies think about gold allocation versus the advanced economies, the survey pointed out.<\/p>

When asked about gold’s future share in global reserves, 68% of EMDE respondents saw gold’s share rising compared to 38% of advanced economy respondents. A small proportion of EMDE central banks even said they saw gold’s share of reserves rising above 25% – a major shift from last year’s results, with zero respondents indicating that.<\/p>

On top of that, EMDE central banks, the primary gold buyers since the 2008 global financial crisis, are also more pessimistic about the future of the US dollar<\/a>. Fifty-eight percent of EMDE respondents believe the US dollar’s share of global reserves will drop versus only 46% of advanced economy respondents stating that.<\/p>

Technically, the price of gold has returned back above the $1,950 level. In fact it is very visible that gold has in fact struggled to move above $2,000, which is a really bad sign for gold bulls.<\/p>

Going forward, it\u2019s imperative that gold price move back above $2,000 or else we could see a steep drop back to the $1,930 support zone again in the coming days and weeks.<\/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 hints that this current price action is probably bearish, and a stepper correction is likely to happen as the sentiment bias is not that severe.<\/p>

The ActivTrader market sentiment tool shows that just 47 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.<\/p>

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

According to technical analysis gold the price of gold has moved below the Ichimoku Cloud, meaning that the short-term price trend remains very bearish below the $2,000 level.<\/p>

It is also noteworthy that gold has ignited a bearish rising wedge price pattern and therefore and still has tremendous scope to move into a much lower trading range in future.<\/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 holds under the $2,000 level and this can cause another move towards $1,900. Below $1,930 there is no support until $1,825.<\/p>

Gold could explode above the $2,070 level and then the $2,100 level if we see the price rise back above the notable wedge pattern breakout that took place last 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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Gold has started to rebound higher after finding support around the $1,930 level, still the price of gold is set for a negative monthly close as the yellow metal looked toppy around the $2,000 level. In the bigger picture, the view on gold remains very optimistic, with 71% of respondents saying global central bank gold […]<\/p>\n","protected":false},"author":4,"featured_media":46028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[28,67],"yoast_head":"\nGold Technical Analysis - Bearish under $2,000 - 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-bearish-under-2000\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Technical Analysis - Bearish under $2,000 Gold Technical Analysis - Bearish under $2,000\" \/>\n<meta property=\"og:description\" content=\"Gold has started to rebound higher after finding support around the $1,930 level, still the price of gold is set for a negative monthly close as the yellow metal looked toppy around the $2,000 level.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gold-technical-analysis-bearish-under-2000\/\" \/>\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=\"2023-05-31T04:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-31T10:42:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/05\/GettyImages-167767860.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"429\" \/>\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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