Kakezaki Takaaki 『Weekly Gold Market Outlook』 May 22, 2023 issue

K.K. Investment Daily Co., Ltd. President and CEO, and a master of cycle analysis,

Kabutaki Takaki is the author of the weekly gold market outlook report.

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Last week, the New York gold futures near-month settled at $1,981.60, down $38.25 from the previous week. Last week, the price fell below the important $2,000 threshold, and the downtrend around the 1,980 level that had been maintained since April also broke on a daily basis, signaling a temporary reset.

The theme discussed last week was that “there is a continued clash between bullish sentiment for still maintaining the $2,000 level and bearishness from the triple-top formation.” …For the bulls, this is a challenge to that concern. It was attempted to reach the $2,000 level in August 2020 and March 2022, but in both cases the level could not be maintained for even a week, and afterward there was a significant sell-off.

If this week also closes with a bearish candle on a weekly basis, concerns will grow stronger, and the market view will tilt toward a moderately bearish neutral stance.

【Takaki Kabutaki — Profile】

Graduated from Kansai Gakuin University, Faculty of Economics. In 1995, partnered with world-renowned U.S. market analyst Raymond Merriman to publish the domestic market cycle and astrology reports. He is well-regarded for market analysis leveraging cycles and astrology. Chief Executive Officer of Investment Daily Co., Ltd., Chief Executive Officer 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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