Gold At The Beginning Of 2023

Gold prices rose earlier this month towards their highest levels in 9 months, and recorded levels of 1928 dollars an ounce, taking advantage of speculation about the direction of the Federal Reserve to slow down the pace of raising interest rates and gold achieved successive and rapid gains since the beginning of November 2022 that exceeded 18%, It is a pace that accelerated the arrival of prices to overbought areas from a technical point of view, which investors considered as an opportunity to carry out profit-taking operations that brought gold back towards current levels close to $1900 an ounce.


XAUUSD chart

(Figure 1): XAUUSD, Long Term, CFI Brokerage

Speculation is currently taking place as to whether the fundamental and technical factors will continue to support the continuation of gold's rise.


  • The prospects for economic performance for the coming period are still uncertain, and economists and financial institutions are still in a state of continuous assessment of the direction of the economy.
  • In addition, the Fed's policy towards interest rates is still considered a strict policy, even with tendencies to slow the pace of interest rate hikes in the coming times.


And technically:

The trading of the year 2022 showed a state of confusion between sellers and buyers, and the year ended without any of them outperforming the other, as prices finally settled at the same opening levels, and this indicates that prices will be subject to continuous fluctuations, waiting for one who will outperform the other.

XAUUSD 2022 trading chart

(Figure2): XAUUSD, 2022 Trading, CFI Brokerage


As for the short and medium term, the following chart shows the most important levels of expected support and resistance for the coming period, determined by supply and demand factors according to various technical and fundamental data.


XAUUSD short-medium term

(Figure 3): XAUUSD, Short-Medium Term, CFI Brokerage


The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.