Gold buy

Analysts pushed the gold price higher

24 January 2023 180
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Gold made a short-term correction yesterday, followed by the bulls regaining the upper hand. So, gold is now making attempts to climb out of the recent days' consolidation. And the fundamental external environment contributes to this move. Analysts continue to outline gold's growth prospects, thereby boosting demand for the precious metal.

Goldman Sachs analysts believe the commodities sector will see "superior total returns" in 2023, outperforming other asset classes. So, in particular, gold will be "on the verge of sustained growth”. Experts predict that gold will benefit from the weakening U.S. dollar, as well as the global trend towards de-dollarization, i.e. the partial or complete replacement of the currency in international transactions. 

A minimum target of the current gold rally is $1,950 to $1,975, as stated by analysts at But the price is going to return to $1,850 in spring or early summer. Based on the seasonal pattern, one could expect a breakthrough above $2075 and a rise to $2500 in late summer or early fall 2023. The key driver of the gold price rally has been a spike in insurance costs against the U.S. default. In the states, the drama over lifting the national debt limit is re-enacted. In the meantime, China is promoting de-dollarization of global trade flows via OPEC+, BRIC, and CBDC.

Gold continues to move within the upward trend, according to the technical analysis. Updating local highs signaled that gold is ready for a new upside wave today. The resistance level of $1935 has been broken, and the upper limit of the uptrend is now a hurdle. This level will be the short-term growth target, i.e. $1952. Moreover, the target coincides with analysts' opinion from

Stop-loss can be placed at the lower border of the trend, although the profit/risk ratio will be too small and the trade becomes unprofitable in case of failure. Therefore, a stop-loss is placed lower, just below the previous gold price high of $1928. This level may support the price if the correction movement takes place.

Gold is likely to grow:

Take profit - 1,952

Stop-loss - 1 928


This content is for informational purposes only and is not intended to be investing advice.

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