Gold is beginning 2020 with lots of questions. Normally January is a profitable month for gold. In the last 20 years, only 5 times gold lost value against the dollar. The average of 20 years is %3.15 gain. But this year, looming FED hikes may affect the gold for the worse. On Wednesday, FOMC minutes will be important in that regard. On the other hand, negative real rates are still ongoing in the US and in the EU. Despite being less severe, faster-transmitting omicron increases the risks of more shutdowns, more supply chain problems that will feed the gold.
In the last days of 2021, gold rose towards the 1834 resistance, which stopped the gold more than five times last year. Now the price seems to begin reversing from there, again. Gold bulls should watch this resistance carefully for big bullish moves. A breakout might lead the prices to 1875 or 1920 as it happened last year.
For down moves, 1810 and 1780 can be followed as support in the first month of the new year.
