Globally, the prices of commodities have dipped this year. At the beginning of the year, the price of Gold was at $1829 per ounce. There was a rally in the first quarter of the year, which made price reach $2071 per ounce. Since the year’s high was reached, it has continued to fall. We wrote an article in July 19, when price of Gold was at $1711. Our analysts on this day said price could fall below the then support level of $1676. The price of Gold today stands at $1632.
Just like the cryptocurrency market is down in this year, the gold market is also down. We might be seeing a new 2022 low below $1616, which is the current year’s low. On the weekly chart, there is a double-top pattern, which must have led to price fall. Despite RSI shows price has been oversold twice on the daily chart, price could still fall further.
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