Gold (XAUUSD) started of the year with less of a bang and more of a fizzle. Due to the holiday season, there hasn’t been much movement on the yellow metal as it has been ranging in the weeks leading up to the holidays last year, December 2021. However, recently the metal has managed to break through a key resistance level at $1800.
- Should the price have significant movement upwards, there may be a bullish outlook.
- However, as the direction is uncertain, bears will be looking for further confirmation of a downtrend.