The opening price of Gold in 2022 was $1828.01. Despite the rally in January, the month ended on a bearish note at $1796. February and March were much more bullish as price hit $2070 which was last reached in August 2020.
The bears took control as Q2 began and from April to October, all monthly candlesticks closed bearish. This bearish run made price hit $1616 which stands as the support level for the last two years i.e. 2021 and 2022.
Analyzing November and the first few days of this month, there seems to be some hope for Gold. In November, price bounced from the year’s support of $1616 as November closed at $1768. This bullish run has continued as price touched $1800 on December 1, 2022.
Currently, price has reached a new month’s high at $1809. Our analysts do not see the bears taking over and that means by December 31, 2022, the price of Gold should still be above $1800 psychological level. RSI indicates on the daily time frame that price is overbought however, this might not translate to a price reversal soon.
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