Kayaki Takaaki "Weekly Gold Price Outlook" December 19, 2022 issue

This is a weekly gold market outlook report written by Takaki Kabuki, the President and CEO of Investment Daily Co., Ltd. and a renowned cycle analyst.

-----------------------------------------------------------------------------------

Notice: The year-end weekly Gold Market Outlook will run up to the December 19 issue; the New Year issue will start from January 5. We appreciate your understanding.

Last week marked the year's final major event. With the holiday season approaching, trading in the U.S. and Europe was subdued. The November U.S. Consumer Price Index (CPI), released on the 13th, showed inflation pressures easing versus both year-over-year and previous month. In response, the dollar fell and gold rebounded, but the direction aligned with market expectations, and the FOMC signaled a smaller rate hike. However, in Chairman Powell's post-FOMC press conference, he stated, “We cannot be confident that inflation will decline sustainably without more evidence,” which tempered market expectations that the Fed would cut rates within 2023.

As a result, the dollar retraced after the FOMC; over the week, the market essentially returned to square one. Gold reached a weekly high of 1,836.9 on the 13th but closed at 1,800.2, down $10.5, resulting in a weekly bearish candlestick.

The dollar index posted its lowest level in about six months last week, and the euro hit a high, but unless this trend changes, gold may still have room to rise. Nevertheless, in this column, we still view this rebound as a correction rather than a sustained uptrend.

Please see the accompanying PDF for the continuation.

【Takaki Kabuki — Profile】

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst, Raymond Merriman, and issued the domestic first market cycle and astrology reports. He is highly regarded for cycle and astrology-based market analysis. President and CEO of Investment Daily Co., Ltd. and Investment Daily Publishing Co., Ltd.; Director of Wakabayashi FX Associates; Member of the Japanese Technical Analysts Association; Editor-in-Chief of Investment Daily Alpha.

* Please make investment decisions at your own risk.

* Unauthorized reproduction or distribution of this report constitutes a breach of contract. If such breach is discovered, legal actions may be pursued, and distribution may be terminated even within your subscription period. Thank you for your understanding.

* This report does not guarantee future outlook accuracy or profitability. Traders and readers should trade at their own risk. Neither the author nor the publisher nor this report will be responsible for individual market decisions. Regardless of the instrument, spot, futures, and options trading are considered high risk.