Happy New Year, my dears, under any sky and on any land. I wish you a new year full of joys and successes in all aspects of life, specifically in the field of trading.
We begin the beginning of 2023 with a new article and a new return, in which we rely on the Almighty.
At the end of the 2022 sessions, we noticed a rise in gold until it closed at 1823 levels, and this rise has several reasons, most notably:
– Frequent holidays in a series of countries, which resulted in early closure of some financial products, as well as lack of liquidity, noting that the holidays continue in a number of countries this week, which may result in jumps in prices, and we expect liquidity to gradually return next week.
Global central banks have rushed to buy at an accelerated rate since 1967, as China and Russia topped the list of countries with an increasing demand for gold this year.
– The last US session was declining, which negatively affected the US dollar against the basket of other currencies, which rose significantly.
We note the closing of the past 12 months and the last week of 2022 as well, which is positive, indicating a retest of 1830 levels.
On the daily timeframe, we see an upward path with somewhat normal liquidity, on its way to return 1830 levels.
For risk-loving speculators, we note that buying levels can be from 1770-1806, the first target is 1830, and by breaking it and closing above, we see the second target 1873.
I think monitoring the markets and developing better trading plans until liquidity returns to normal.
My publications are not a recommendation to buy or sell, rather they are personal jurisprudence of the course of my humble work. If I am right, then this is success from God, and if I am wrong, it may be a shortcoming on my part, or there are developments in the financial markets that have had an impact.