{"id":24352,"date":"2023-01-16T13:18:23","date_gmt":"2023-01-16T13:18:23","guid":{"rendered":"https:\/\/fxglobe.wpenginepowered.com\/2023-golds-cautious-journey\/"},"modified":"2026-03-18T11:22:26","modified_gmt":"2026-03-18T11:22:26","slug":"2023-golds-cautious-journey","status":"publish","type":"post","link":"https:\/\/www.fxglobe.com\/ms\/2023-golds-cautious-journey\/","title":{"rendered":"2023 – Gold\u2019s Cautious Journey"},"content":{"rendered":"\n

Good morning Traders!<\/p>\n\n\n\n

I think it\u2019s fair to say that Gold has not recently behaved in a manner expected- the old adage that Gold is a hedge against inflation does not seem to hold true anymore.<\/p>\n\n\n\n

That being said, there\u2019s some reliable evidence that Gold is making a slow and determined comeback.<\/p>\n\n\n\n

This doesn\u2019t mean that it will be a smooth comeback, though.<\/p>\n\n\n\n

It\u2019s well worth recapping about key moments in the past where the fervour for Gold<\/a> matched the recent lust for Bitcoin, leading to big bubbles and fortunes lost.<\/p>\n\n\n\n

In 2011, and up until that point, Gold<\/a> was such a steady, reliable commodity, that it\u2019s behaviour was as close to a certainty as any instrument could be. There was no erratic behaviour or spikes.<\/p>\n\n\n\n

But, as Gold began to turn parabolic and shoot skyward, it eventually hit a brick wall at $1,900. After battling against it, while the media and social networks were aflush with unlimited \u2018end-of-the world-as-we-know-it\u2019 documents and PDF\u2019s about how Gold would never collapse, but that society was about to, Gold broke<\/a> below $1,400 and stayed there for 6 years!!<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The point here is that anything, everything has its limits. Most folks have forgotten that Gold-mania (which also extended to Silver, by the way).<\/p>\n\n\n\n

Cryptocurrencies have suffered similar fates, and misinformation is the biggest contributor to the mania.<\/p>\n\n\n\n

Does it mean there isn\u2019t a legitimate underlying opportunity? Of course there could be. It just means we should be sensible and cautious in our assessments.<\/p>\n\n\n\n

Now, let\u2019s look at Gold today:<\/p>\n\n\n\n

After its breakout in 2019, it very quickly reached a peak of $2.070 (which is its new major brick wall), and after the global quarantine and market correction in 2022, reached a fresh low at $1,600.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Since November 2022, Gold has aggressively climbed back up to $1,900 in an almost straight line. It should be noted that while the global markets were dropping throughout 2022, so was Gold.<\/p>\n\n\n\n

Currently, Gold is on track to return to its old highs. The question is how evenly that journey will be.<\/p>\n\n\n\n

A very normal, but often overlooked characteristic of all markets is the \u2018breathing out\u2019 and \u2018breathing in\u2019 of price as it moves- it does not move in a linear fashion, but rather in waves. In fact, a lack of waves is in itself a red flag.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

At the time of writing, Gold is now very much due for a retracement (it needs to take a breath in), which could see it return back down to an area between $1,700 and $1,800 before attempting to continue past $1,900 towards $2,000.<\/p>\n\n\n\n

Happy Trading!<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning Traders! I think it\u2019s fair to say that Gold has not recently behaved in a manner expected- the old adage that Gold is a hedge against inflation does not seem to hold true anymore. That being said, there\u2019s some reliable evidence that Gold is making a slow and determined comeback. This doesn\u2019t mean […]<\/p>\n","protected":false},"author":20,"featured_media":15502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Gold in 2023: Cautious Journey | %%sitetitle%%","_seopress_titles_desc":"Discover the latest updates and trends in gold trading for 2023. Explore the cautious journey of gold and its implications for traders and investors.","_seopress_robots_index":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-24352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts\/24352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/comments?post=24352"}],"version-history":[{"count":0,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts\/24352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/media\/15502"}],"wp:attachment":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/media?parent=24352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/categories?post=24352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/tags?post=24352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}