Gold Price Forecast: Yellow Metal Bears, Below $1,810 Level [01-02-2022]

Gold Price Forecast: Gold attracted some buying near the $1,785 region on Monday and ended the day in the green, snapping three consecutivedays of the losing streak to the lowestlevel since December 16. As investors digested a more hawkish tone coming out of the FOMC meeting last week, the US dollar witnessed aggressive longunwinding trade and recorded its biggest drop in nearly three weeks. This, in turn, was seen as a key factor that extended some support to the dollar-denominated commodity.

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Weekly Target Price of Gold [24-01-2022]

Gold Price: After falling below $1200 per ounce in 2018, gold rebounded sharply over the next 12 months, and a significant bullish trend began. Its yield increased by almost 20%, whereas its quotes went up to $1,556 per ounce. The rally continued in 2020. The COVID-19 pandemic increased the popularity of the precious metal as a hedging instrument, which has led to an increase in its price.

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