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GOLD PRICE NEWS & TECHNICAL ANALYSIS! GOLD LATEST NEWS PRICE- 16 – JANUARY- 2023

GOLD PRICE NEWS & TECHNICAL ANALYSIS! GOLD LATEST NEWS PRICE- 16 – JANUARY- 2023

16 Jan 2023

Ahead of a data-heavy week, gold is hovering around its 8-month high

Gold prices steadied around recent peaks on Monday as investors locked in profits and exercised some caution ahead of a slew of major economic readings and central bank meetings from across the globe this week.

The yellow metal rallied sharply in recent weeks on an increasing number of bets that the U.S. Federal Reserve will raise interest rates at a slower pace in the coming months, taking some pressure off non-yielding assets.

This notion was furthered by data that showed inflation eased further in December, which weighed on the dollar and U.S. Treasury yields.

Fears of a recession in major economies this year also saw renewed safe-haven demand for gold, as the effects of sharp interest rate hikes through 2022 begin to be felt.

Focus this week is now on any more signs of slowing growth in major economies, with a barrage of readings from the U.S., Japan, China, England, and the Eurozone on tap. Interest rate decisions in China and Japan are also in focus, with particular focus on the Bank of Japan after it unexpectedly struck a hawkish tone during its December meeting.

Spot gold fell 0.1% to $1,918.49 an ounce, while gold futures were steady at $1,921.50 an ounce by 19:33 ET (00:33 GMT). Both instruments were close to their highest levels since May 2022.

Holiday-thinned market conditions are likely to extend ahead, keeping the volatility around gold price relatively high amid risks of exaggerated moves. Also, investors could resort to repositioning ahead of the United States Retail Sales data and China’s Gross Domestic Product (GDP) due later this week while a slew of speeches from the US Federal Reserve policymakers will be also closely scrutinized for the world’s most powerful central bank’s future policy path.

TRADE SUGGESTION- BUY AT 1909.78, TAKE PROFIT AT 1921.96, SL AT 1903.71