XAUUSD Archives - FaithMightFX

April 3, 2024April 3, 2024

Gold’s Price Continues To Break New Highs

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.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

March 6, 2024March 6, 2024

Gold’s Price Reaches An All-Time High

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.

January 11, 2024January 11, 2024

The Price of Gold Reaches An all-time high Before 2023 Ended

The highest price level gold has reached since the lockdown has been at $2076. The lowest price level was t $1620 between September 2022 and November 2022. The rally in December made the price of XAUUSD reach $2150. RSI on the daily chart shows price has been overbought at two different positions. The bulls were not able to maintain the rally as price has fallen to $2028 as of the time of this writing.

In the last one decade, the price of gold has rallied from the lowest point of $1051 in December 2015, to the highest point at $2150 in December 2023. As the bears are beginning to push price lower, we might see the price of gold reach $1848. Since the beginning of this year, the price of gold has been falling, which could be an indication of the bears taking full control of the commodity. The price on the daily chart has crossed to the lower region of the Bollinger bands.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get gold in your portfolio? Schedule a meeting with us here.

September 25, 2023September 25, 2023

Gold’s Bears To Push Price Lower

Gold experienced two highs between 2020 and 2022, which signifies a double-top on the monthly chart. This double-top was at $2069, one in August 2020 and the other in March 2022. A price drop to $1616 occurred after this double top. Between September and October 2022, the bears lost their momentum and the price of gold began a major rally in November 2022.

The rally that began in November 2022 made the price of gold reach an all-time high at $2082 in May 2023. Since the all-time high, the lower highs and lower lows pattern has been formed on the daily chart. The price of gold is currently at $1932, we might be seeing the price fall to $1914 in the coming weeks.

July 3, 2023July 3, 2023

Price of Gold Could Fall To $1900

On the 25th of January, 2023, we published an article when the price of Gold reached the psychological level of $1900. We forecasted that Gold will rally to hit $2017. That target was reached in May 2023. This is the third time the price of Gold is retesting the resistance level at $2079 since August 2020 when the price hit $2079 for the first time. Price has been falling since the retest was reached. Last month’s candlestick closed bearish.

On the monthly chart, XAUUSD has been overbought on the RSI since August 2020 and has not shown any indications that price has been oversold. This is one of the reasons there might be a price fall in the coming weeks. Looking at the Bollinger bands on the weekly chart, price has crossed to the lower level of the Bollinger bands. On the weekly chart, price also shows that it has been overbought at three different times since 2020. We are seeing a bearish turn this month and it could continue as we might see the price of Gold fall below $1900 in the coming days or weeks.

January 25, 2023January 25, 2023

Gold Price Reaches $1900 Since May 2022

Gold Reaches $1900 For The First Time Since May 2022

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.

December 5, 2022December 5, 2022

Gold Reclaims $1800 Psychological Level

The opening price of Gold in 2022 was $1828.01. Despite the rally in January, the month ended on a bearish note at $1796. February and March were much more bullish as price hit $2070 which was last reached in August 2020.

The bears took control as Q2 began and from April to October, all monthly candlesticks closed bearish. This bearish run made price hit $1616 which stands as the support level for the last two years i.e. 2021 and 2022.

Analyzing November and the first few days of this month, there seems to be some hope for Gold. In November, price bounced from the year’s support of $1616 as November closed at $1768. This bullish run has continued as price touched $1800 on December 1, 2022.

Currently, price has reached a new month’s high at $1809. Our analysts do not see the bears taking over and that means by December 31, 2022, the price of Gold should still be above $1800 psychological level. RSI indicates on the daily time frame that price is overbought however, this might not translate to a price reversal soon.

October 19, 2022October 20, 2022

Gold’s Price Heading To 2022 Support Level

Globally, the prices of commodities have dipped this year. At the beginning of the year, the price of Gold was at $1829 per ounce. There was a rally in the first quarter of the year, which made price reach $2071 per ounce. Since the year’s high was reached, it has continued to fall. We wrote an article in July 19, when price of Gold was at $1711. Our analysts on this day said price could fall below the then support level of $1676. The price of Gold today stands at $1632.

Just like the cryptocurrency market is down in this year, the gold market is also down. We might be seeing a new 2022 low below $1616, which is the current year’s low. On the weekly chart, there is a double-top pattern, which must have led to price fall. Despite RSI shows price has been oversold twice on the daily chart, price could still fall further.

July 19, 2022July 19, 2022

Gold Price Reaches A New 2022 Low

Gold opened in 2022 at $1830 per ounce and for the first part of the month, it was bullish. But then it changed direction and began to fall until it eventually closed on a bearish candlestick at $1796. As February 2022 began, the bulls got their groove back and were dominant for the next couple of weeks which caused February and March 2022 to both close with bullish candlesticks.

Gold price movements in 2021 was more of a range between $1907 and $1705 on the monthly time frame. The range was even more pronounced in the second half of 2021. The highest point Gold reached in 2021 was $1960. Looking at Gold this year, the highest point it has reached is $2067.

On the 23rd of February 2022, we forecasted that Gold may not be able to keep up the bullish rally (see article). We were correct on that call because since March 2022, Gold has been falling. On the bearish run, Gold’s price fell to $1699, which stands as the lowest point this year. In the publication referred to earlier, a support line was drawn at $1676 and our analysts believe that with the current bearish force on Gold, that support level could be broken to the downside.

February 23, 2022February 24, 2022

Uncertainty In Gold Price Movement Amid Russia-Ukraine Tensions

Ever since the all-time high for Gold was reached in August 2020 at $2074 per ounce, the bears have been more active in $XAUUSD’s price action. Before the all-time high in 2020, there was high volatility in the price of gold. For example, the lowest price of $XAUUSD in August 2018, August 2019, and August 2020 were $1,160, $1,400, and $1,865 respectively.

Since the all-time high in 2020, the price has maintained a support level at $1,677 even till now. The current resistance level is at $1,917 which has been active since 2021. As at August 2020 when the price of $XAUUSD reached an all-time high, RSI indicated that the price was overbought which possibly was the cause of the price dip at that time.

Since the beginning of 2022, Gold has rallied. This week, Gold hit $1,912, the highest point since the year 2022 began. It isn’t certain that Gold can keep up this rally for much longer as the rally is linked to investors’ panicky response to hedge their investments in precious metals, which are commonly considered to be safe havens during geopolitical crises.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks and commodities in your portfolio? Schedule a meeting with us here.