2022 was woeful for Gold. It opened for the year at $1825. Price rallied for the first quarter until it hit $2078. That price was the highest point of Gold for the year 2022. After this high, price dropped sharply to $1893.
Price then bounced and a rally tried to get price back to the previous high. Unfortunately, when price hit $1998, the bears became aggressive as price dropped to a two-year low of $1614 in September 2022. This price was retested in October and November and then a rally began. The rally that began in Q4 2022 continued into 2023.
The opening price of Gold for 2023 was $1822. The rally continued for all of January and the month closed bullish. This same rally continued for the first two days of February and price reached $1961, which is 2023’s high. After price hit this mark, there was a sharp drop in price in February. This drop made price fall to $1807, the lowest in 2023. This price is currently acting as the year’s support.
Since price hit $1807, it has bounced. Price is currently at $1852. Our analysts think price will continue to head upwards towards a psychological level of $2000.