Since November 4, 2023, gold’s journey began to take an upward path, as in a short period it rose by 20.25% before starting any corrective movements due to many political and geopolitical factors until gold broke record levels, as the yellow metal recorded its highest price at $2,431.57 per ounce. The reason for the sudden rise was not understood until leaks arrived about the purchase of huge quantities of gold by China. Until we began to notice a decline in gold prices since then, and it began specifically on the twenty-fourth of April of this year, and gold is trading today at $2,309 per ounce.
On the technical level: Gold’s current movement is considered very normal following a decline, which gives an indication of profit-taking and correction operations. What after correction? Will gold return to new record prices? Or has the upward trend ended and will gold fall below $2,000 per ounce?
The answer may differ from one person to another, as no one can be certain about what will happen in the future, but all technical indicators confirm further decline unless it returns to the levels of $2,350 per ounce. It cannot be certain that gold will enter a declining phase unless it stabilizes below $2,190 per ounce.
