Gold has recorded an increase of more than 13% so far in 2023. The precious metal is currently trading near $2068 and is on track to record its best monthly and annual close ever. Despite this, gold prices could not remain stable above the important resistance zone near $2080. Prices previously recorded levels of $2150, but surprised markets after quickly returning below the $2080 resistance level.
Gold, Weekly, MetaTrader 5, CFI
These movements raised curiosity among investors as to whether gold would be able to head higher toward record levels, or whether prices would retrace back as seen previously.
Higher gold prices came as a result of a decline in the dollar index, and because of heightened geopolitical tensions. However, these reasons were not sufficient for gold to maintain its gains, resulting in a quick decline for gold prices. Now, investors question the next path for gold prices.
In general, we will be monitoring gold prices over the upcoming period. Analysts expect that below levels of $2080, prices should maintain its current horizontal stability.
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