The commodity price has been increasing for about a decade despite the uncertainties in the financial market. The lowest price of XAUUSD was $1048 in December 2015. The price has rallied to $2141 per ounce in December 2023. Unlike many other asset classes during the lockdown, the price of gold rose to $2074 per ounce in September 2020. The bears took over as price fell to $1622 in September 2022, which stands as the lowest price since April 2020.
At the time price of XAUUSD was at $2074, RSI was at an overbought position. The price of Gold broke out of the previous resistance level to reach $2141, which currently is the all-time high of gold. There was a price retracement in January and February 2024 that made price fall to $1985 before price rallied again above $2000 in the last week of February. As a result of the bullish momentum, the price of gold might break a new all-time high at $2150 in the coming days or weeks.
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