The year 2024 has been favourable for gold investors as the bulls have been able to push price high beyond the previous high of $2135. In December, the price of Gold made it to a high of $2194. After this high in December, Gold’s price retraced since the high of $2194 was reached.
On the daily chart, the price of gold has been overbought but the bulls have momentum for a continued bullish run. Despite the monthly chart shows that price has been overbought since August 2020, price of XAUUSD continues to rally. The current price of $XAUUSD is at $2284 as the bulls might push price beyond the all-time high of $2287, which will make price hit $2300 psychological level.
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