Gold looking to shine in 2023

It may have taken five weeks, but gold is finally through the strong price resistance I highlighted in my last post. This week gold will also close above the volume point of control, providing a solid support platform for an attack at the $1900 level. However, as we can see from the chart, this week’s move takes the precious metal back into a dense area of congestion that stretches from June 2021 to February 2022, so we can expect to see some sideways price action which is also likely to be capped by the strong resistance that sits just below the $1900 price point.

Despite the congestion and price resistance ahead, what is encouraging is the push over the volume point of control occurred in this afternoon’s trading session and was accompanied by strong volume. And news that central bank gold purchases are at their highest in more than 50 years is also encouraging for gold in 2023.

By Anna Coulling

 

 

About Anna 2015 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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