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During a strong bullish retracement, the XAU/USD gold price is still moving in an upward path.
As of this writing Gold is trading near the 1847.00 mark, this after attaining the 1865.00 ratio on early Wednesday.
Gold markets had been forming a bit of a rising wedge, but we’ve broken above the top of it during the session on Wednesday.
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Gold futures appeared to start 2023 well by testing the $1850 resistance.
At the beginning of trading in the new year 2023, the price of an ounce of gold, XAU/USD, remained on its upward path.
Gold markets have been somewhat positive in the then the Monday trading session, as spot gold traded higher.
Gold futures ended 2022 relatively unchanged, erasing losses from earlier in the year.
Gold markets have rallied a bit during the trading session on Thursday, showing signs of life again.
After gold prices jumped on Tuesday towards the $1833 resistance level, its highest in six months, the XAU/USD gold price returned to stability around the $1800 psychological resistance
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The Gold markets have fallen a bit during the trading session on Wednesday to show signs of hesitation.
In a sudden upward movement yesterday, the price of gold XAU/USD jumped towards the resistance level of $1833 per ounce.
Gold markets have shot higher during the trading session and what would have been a very thin holiday environment.
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For two days in a row, XAU/USD gold prices are trying to rebound to the upside and return to stability above the psychological resistance of $1,800 an ounce.
Gold markets have rallied to close out the week on Friday as we continue to trade in a channel.
Gold futures rose above the $1,800 psychological resistance ahead of the Christmas holidays, giving some cheer to the gold price outlook as 2023 approaches.