Kamataki Takaaki "Weekly Gold Price Outlook" May 29, 2023 issue

Mr. Takao Kabaruki, President and CEO of Investment Daily, and a master of cycle analysis,

is the author of the weekly report on gold market outlook.

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Last week's New York gold price (near month) continued to fall for the second week in a row, closing at 1,944.3 dollars, down 37.3 dollars for the near month.

As stated last week, “if this week also ends with a bearish candle on a weekly basis, concerns will intensify further and market sentiment will shift toward a mildly bearish neutral stance,” but this week, if it closes below 1,900 dollars, it will shift to bearish.

Regrettably, we had advanced this scenario by referring to the fractal when gold broke above 1,000 dollars in October 2009, but this development was a mistake. We are re-evaluating and need to watch for a trend reversal similar to the two past declines (August 2020 and March 2022).

Please see the continuation in the PDF file.

【Takao Kaburuki Profile】

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst Raymond Meriman to issue Japan’s first market cycle and astrology report. He is renowned for his market analysis using cycles and astrology. President & CEO of Investment Daily, Investment Daily Publishing Co., Ltd., Director of Wakabayashi FX Associates, member of the Japan Technical Analysts Association, editor-in-chief of Investment Daily α.

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