GOLD WEEKLY CHART, Target for year 2023
In 2022, gold demand has seen a remarkable increase of 28%, The aggressive gold buying behavior by central banks of various countries, witnessed after 55 years, This buying behavior is an indicator of the existence of some significant factors or insights that are known to these large economies, but not to the average person. The primary reason for this surge is the rapid rise in inflation, recession, and war fears globally. As investors seek safe-haven assets in times of economic turbulence, gold is at the top of the list.
Interestingly, in April 2022, Russia converted 40% of its dollar reserves into gold before the war broke out, reflecting the country's commitment to the precious metal. Russia purchased almost 50 tons of gold in 2022, which is ten times more than its gold purchase in 2021. China followed Russia in terms of gold buying, and Turkey made history by purchasing the largest amount of gold in 2022, which is 31 tons. Kazakhstan and India were ranked fourth and fifth, respectively, in terms of gold purchases.
Despite the surge in gold demand, the yellow metal's price did not perform as well as the stock markets in 2021 and the first quarter of 2022. Gold remained in the range of 1600-1950 during this period. However, in the years 2018-19, gold had a rally from 1200 to 2000 dollars.In 2021-22, gold experienced a correction year, Day1 chart is indicating a correction and the weekly chart shows strong consolidation. In 2023, gold's price is expected to test new highs and reach at least 2300 to 2400 dollar level.
Interestingly, in April 2022, Russia converted 40% of its dollar reserves into gold before the war broke out, reflecting the country's commitment to the precious metal. Russia purchased almost 50 tons of gold in 2022, which is ten times more than its gold purchase in 2021. China followed Russia in terms of gold buying, and Turkey made history by purchasing the largest amount of gold in 2022, which is 31 tons. Kazakhstan and India were ranked fourth and fifth, respectively, in terms of gold purchases.
Despite the surge in gold demand, the yellow metal's price did not perform as well as the stock markets in 2021 and the first quarter of 2022. Gold remained in the range of 1600-1950 during this period. However, in the years 2018-19, gold had a rally from 1200 to 2000 dollars.In 2021-22, gold experienced a correction year, Day1 chart is indicating a correction and the weekly chart shows strong consolidation. In 2023, gold's price is expected to test new highs and reach at least 2300 to 2400 dollar level.
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