The stock markets have made a solid start to the new year. The DAX gained a good 750 points in the first week of trading in 2023. The American stock markets also developed positively. Gold already pushed above 1,800 US dollars at the end of last year and was also able to establish itself above this level at the beginning of the year.
The daily chart shows that gold was already able to move towards the SMA200 at the beginning of December. It then took a while before this line, which was a hard board, could be taken. From mid-December, things started to pick up gradually.
- Current gold analysis on January 8th, 2023: chart analysis, weekly outlook, trading setups and more – for active day traders
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Gold Review: (01/02/2023 – 01/06/2023)
the gold price was trading at $1,847.3 as of Tuesday morning. The precious metal initially gave way a little, but was able to stabilize in the area of 1,827 US dollars in the evening. A recovery only set in during early trading on Wednesday. Gold was able to push into the $1,860 area by Wednesday morning but didn’t make much progress here. It initially went into a smaller consolidation, which was then broken up to the south on Thursday. Gold fell as low as $1,825 during the pullback. Here, gold initially recovered slightly and consolidated until midday on Friday. Then there was a dynamic and momentum-driven upward movement that went well above $1,860 by the evening. The precious metal ended weekly trading at $1,866.7.
The weekly high is well above that of week 51/2022 and above the 1,800 US dollar mark. The weekly low is also well above the US$ 1,800 mark and above the level of week 51/2022. At the beginning of the year, a clear weekly profit was reported. Gold has gained a good $250 since the August low. The weekly range was again above the 40 US dollar mark and thus roughly in the range of week 51/2022.
Gold – How could it go on:
gold resistors
- 1,879.1
- 1,910.5
- 1,920.4
- 1,997.6
gold supports
- 1,847.2
- 1,846.7
- 1,845.6
- 1,827.5
- 1,825.1
- 1,810.4
- 1,790.8
Gold chart check – viewing in the daily / 4h chart:
DAILY
The daily chart shows that gold was already able to push itself to the SMA200 (currently at $1,777.4) in early December. It then took a while before this line, which was a hard board, could be taken. From mid-December, things started to pick up gradually. This can be clearly seen in the daily chart. Meanwhile, gold has moved significantly north from the SMA20 (currently at $1,810.4). The daily chart is therefore to be interpreted bullishly.
As long as gold is trading above the SMA20 at the end of the day, it could continue to move higher. Above all, the area at 1,900/1,907 US dollars could be started first. Above that, the $1,930/$50 area would be a conceivable target.
Pullbacks could extend as far as the SMA20 and would not challenge the bullish chart picture as long as gold manages to recover at this daily closing average line. If it goes below this line and a daily close is formatted below it, further pullbacks could set in into the SMA200 area. A daily close below would call the upside into question.
- Classification of higher-level chart image, forecast (daily chart): bullish
Consideration in the 4h chart:
The precious metal was still above the SMA20 at the beginning of the trading week (currently at $1,847.2). The chart shows that things were already going down in the middle of the week. In the course of the sales, the SMA20 was initially abandoned, gold was able to move back above this average line at the end of the week, dynamically. The chart image can thus be interpreted bullishly.
As long as gold trades above the SMA20, further rallies could occur, which could extend into the $1,900/$1,907 area.
Pullbacks could initially run up to the SMA20. The chart shows that this average line has provided good support over the past few trading days and weeks. If it breaks below the SMA20, pullbacks could still stabilize at the SMA50 (currently at $1,827.5). However, if this line is approached dynamically and with momentum, there is a risk that it could also go directly below this line. It will be important where gold can stabilize. Above all, pullbacks would then have the potential to run into the SMA200 area (currently at $1,790.8). At this point at the latest, the prices should recover.
- Classification short-term chart image, forecast (4 hours): bullish
Conclusion: the daily chart is to be interpreted bullishly. As long as gold is above the 20-day line at the end of the day, further recovery movements are possible and conceivable, initially up to the area of 1,900/1,907 US dollars.
Gold framework conditions:
Inflation eased somewhat in Germany in December and is currently (slightly more than) 8%. We had already speculated a few weeks ago that inflation might have peaked. Nevertheless, 8% price increase is far too much. Inflation is expected to remain high and could move towards 5% over the course of the year. It remains to be seen whether the ECB will raise interest rates further at its next meeting or whether it will stick to the current level. Since the European Central Bank, unlike the FED, has to take all kinds of sensitivities into account in addition to monetary stability, it is not unthinkable that the next interest rate hike will be a long time coming.
The stock markets have made a solid start to the new year. The DAX gained a good 750 points in the first week of trading in 2023. The American stock markets also developed positively. Gold already pushed above 1,800 US dollars at the end of last year and was also able to establish itself above this level at the beginning of the year.
the US job market develops robustly. The figures published for December underline that the US economy has reached the “pre-corona level” despite high inflation and high interest rates. The US unemployment rate is 3.5%, signaling full employment.
Gold assessment for the new trading week:
Long setups: Gold may initially attempt to hold above $1,865. If successful, it could continue higher towards our next targets at 1867.8, 1869.2, 1871.1, 1873.5, 1875.5, 1877.0 and then 1879.1. dollars go. Above $1,879.1, the precious metal could mark our next targets at 1,880.9, at 1,882.1, at 1,883.4, at 1,885.0, at 1,887.5, at 1,889.6, at 1,890.9, at at $1,892.7 and then at $1,894.1. If there are no setbacks here, the upward movement could continue. Our next targets would be 1895.5, 1896.9, 1898.2, 1899.8, 1901.2, 1903.5, 1905.8, 1907.3 and then 1909.1 US -Dollar.
Short setups: If Gold fails to hold above $1865, the precious metal could target our next targets at 1863.2, at 1861.5, at 1859.8, at 1857.4, at 1854.9, at 1852, 4, at $1,850.3, at $1,849.0, at $1,847.2, and then at $1,846.7 and $1,845.6, respectively. Below $1845.6 it could continue down towards our next targets at 1844.1, at 1842.5, at 1840.9, at 1839.1, at 1837.9, at 1835.1, at 1832, at 5, at $1,830.6, at $1,828.9, and then at $1,827.5. If gold falls below the $1827.5 level, the precious metal could be our next targets at 1825.1, 1823.3, 1821.8, 1819.9, 1817.5, 1816.1 and then reach at $1,814.7.
- Overarching expected trend in week 02 / 2023: sideways / upwards
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