Katsuki Takaaki 'Weekly Gold Market Outlook' May 15, 2023 issue

TAKENAKA Investment Daily Co., Ltd.'s representative director and president, and a master of cycle analysis,

is the author of the Weekly Gold Market Outlook report.

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Last week's New York gold futures (front month) closed at $2,019.80, down $5 from the previous week. The market remains in a state where bulls who view the $2,000 threshold as still intact and bears from a triple-top formation cross paths. As I have noted before, the $2,000 level was challenged in August 2020 and March 2022, but in both cases the level could not be sustained for even a week, after which prices fell sharply.

However, this time is different. All of the following are on a front-month basis, and the third challenge occurred on March 20. At that time, even the close could not hold, and the next day it fell $41 to $1,941.10, seemingly another failure, but on April 3 it challenged again and closed at $2,000.40. The next day it rose $37.80 to $2,038.20, showing a movement different from the previous two attempts, and the market has since stayed around the $2,000 level without breaking it since May 2.

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【Takami Kabuki Profile】

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

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