In October 2022, the price of gold fell to $1617 per ounce, after price had reached $2071 in March 2022. This price dip is one of the worst falls Gold has had since its been traded. A major support level was formed at $1617. There was consolidation for about 8 weeks before a bounce in the price of $XAUUSD started in November 2022. The bounce made the price of gold reach a previous resistance level of $2071 in May 2023. At different times in the past, in August 2020, March 2022 and May 2023, the price of Gold has maintained this resistance level at $2071.
In the past three years, the price of Gold has been moving between $1617 and $2071. From the recent top in May 2023, price fell to a support level of $1810 in October 2023. The current price of Gold is at $1948. We might be seeing price rally to $1990 in the coming weeks, The RSI on the daily chart has shown that the price is oversold.
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