Kudoki Takaaki 'Weekly Gold Price Outlook' March 20, 2023 issue

This is the Gold Market Outlook report written weekly by Takao Kabutaki, President and CEO of Investment Daily News, a renowned expert in cycle analysis.

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Whether or not global bank anxieties spread is unclear, but gold prices surged. The nearby New York gold futures closed up $106.30 from the previous week at 1,973.50 (highs reached 1,993.70), surpassing the February 2 high of 1,959.68.

With the banking crisis spreading globally, views that it would prompt a more accommodative stance by the Fed have led to a sharp decline in interest rates, which fell to the mid-3.3% range since February 2.

Two weeks ago, the outlook in this column had a slight discrepancy. It was thought that the series of falling rates, the dollar decline, and gold rise would be temporary, but gold’s rebound has already reached seven days, and rates have declined for two weeks. However, the dollar index has recently shown only limited declines due to risk-off dollar buying.

The banking crisis spreading through the eurozone has triggered selling of bank stocks in European equity markets, and following Saudi National Bank's decision not to provide additional funding as the principal shareholder of Credit Suisse, investors rushed to sell the bank stock, and prices for debt guarantees against default surged.

For more, please see the PDF file.

【Takao Kabutaki – Profile】

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

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