Spot gold prices have peaked at 1,850 USD/ounce. Then dropped to trade around 1,838 USD/ounce. Also on January 3, US gold futures increased 1% at 1,844.10 USD.
According to CNBC, gold prices have been trending up since the beginning of November 2021 when the market was chaotic.
Mr. Ole Hansen, head of commodity strategy at Saxo Bank (Denmark), commented: "We are looking for a better gold price in 2023. Economic recession, stock risks, copper Weak USD and inflation - will support gold prices."
In the immediate future, Mr. Hansen believes that important events for gold prices will depend on the latest meeting of the US Federal Reserve (FED) on January 4 and the employment report on January 6.
Mr. Hansen forecasts that gold will look for the next resistance levels at $1,850 and $1,878.