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Gold’s bullish start to 2023 awaits US jobs/inflation test

Gold bulls are raring to go once more, even as the upcoming NFP and US inflation data loom.

Despite Thursday’s pullback on the latest show of resilience from the US labour market, bullion has kicked off the new year in relatively fine form, with the spot price hitting a 6-month high earlier this week.

On the charts, spot gold’s uptrend that kicked off in early November remains firmly intact, with the 50-day simple moving average (SMA) on course to forming a “golden cross”, if it can indeed breach above its 200-day counterpart.

A “golden cross” may signal more gains ahead for bullion.

Gold’s bullish start to 2023 awaits US jobs/inflation test

Today’s US jobs report as well as next week’s headline inflation figure would go a long way in determining whether the precious metal can keep hold of its bullish start to the new year.

The case for $2k gold should be bolstered by evidence that US inflation is indeed cooling off considerably, coupled with slower earnings growth especially in the US services sector.

However, spot gold may first have to slog through this $1800 region, having proved to be a muddy patch for bullion bugs back in the May/June 2022 period.

 

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