The price of Gold is beginning to appreciate after its price fell from the record high of $2075 per ounce in March 2022. From April 2022 to October 2022, all months closed bearish. The price of Gold reached $1614 in November 2022 which is the lowest price since April 2020. The $1614 price mark stands as the support level for that last 2 years.
In November 2022, a bounce from the 2-year support of $1614 occurred as the bulls gained more strength. As a result of the rally that started in the last quarter of 2022, Gold’s price closed for the year 2022 at $1822. The rally continued into 2023 as the price reached a 2023 high at $1928 on the 16th of January.
The rally could continue in the coming weeks as the resistance level at $2075 might be broken to the upside, which could eventually make Gold’s reach an all-time high.
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