• Gold Rate Outlook 2023: The precious bullion metal has formed an ascending triangle, indicating further upside in the yellow metal
Gold Rate Outlook 2023: The year 2022 has not been very encouraging for gold investors. Gold rates remained in bearish trend for the whole year from March 2022 onwards. However, in the last few months, the prices of the yellow metal have gained momentum and are showing a bullish trend for the upcoming year.
LBMA Gold spot is trading near $1800 per ounce level, which has corrected from the mid-2022 lower support level of $1615. Prior to this, the price spiked above $2000 and has since been trending bearish, closing 7 consecutive months low.
On the other hand, Dollar Index (DXY) traded in an uptrend and has moved towards 114 levels. Since then, the price is in a declining mode.
On the monthly chart, we can see a double bottom formation and December 2022 gold price has tested the neckline resistance near 55000. MCX Gold price has touched an intraday high of ₹56,191 which will be the biggest hurdle to break in 2023.
On the weekly chart, gold price has formed an ascending triangle. In Sep-2022 the price tested support near 49000. The price is trading with a positive bias above key support at the 50, 100 and 200-moving averages on the weekly chart. Here, the major resistance level will be at 55550 and if the price breaks this mark, we can expect further upside in 2023.
The leading indicator, the RSI, is trailing above 60 on the daily, weekly and monthly charts which is positive for any long opportunities. Additionally, there is a bullish crossover on the weekly-monthly chart of the MACD above the zero line.
We are expecting further upside in gold prices in 2023. Investors can go for buy-on-declines opportunities on price correction and can expect target levels in the range of ₹58,888 to ₹61,111 per 10 grams.
