XAUUSD Archives - Page 2 of 2

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.

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

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.

October 15, 2021October 15, 2021

Gold And Silver Prices Are Increasing

Exactly a month ago, an article was written to show the likely possibilities of an increase in the prices of Gold or Silver. Since August 2020, Gold’s price has been on a downward slope from the all-time high of $2076.74. Despite normalcy is almost returned to the world at large with the mass vaccination introduced, prices of Gold and Silver have had lower highs and lower lows in the last year.

For silver, the price reached a new high this year $30.06 per ounce. The last time one ounce of silver cost $30.06 was in December 2012. The demand for metals has increased in the last few years, as more luxury items, gadgets, and equipment are produced globally. Everyone who must have bought gold or silver on the 14th of August 2021 when we wrote the article, must have gained a reasonable amount in their investments.

Both Gold and silver charts have formed an inverse head and shoulders pattern. This could be a strong indication of a bullish run for both metals. The next bullish run could push the price of Gold to $1837 per ounce and that of Silver to $24.809. In September, both Gold and Silver prices had a bull run but could not break the resistance level at $1837 and $24.809 respectively.