Gold rate outlook 2023: Yellow metal price may hit 61,000

LBMA Gold spot is trading near $1800 per ounce levels, corrected from the support low of $1615 levels in mid-2022. Earlier, price has peaked above $2000 and since then moving in Bearish trend, closing lower lows for 7-consecutive months.

On the other side, Dollar Index (DXY) has traded bullish and made a high at 114 levels. Since then, price is in declining mode.

On a Monthly chart, we can observe a Double Bottom formation and gold price has tested the neckline resistance near 55000 in December 2022. MCX Gold price has touched the high of ₹56,191 which will be biggest hurdle to break in 2023.

On Weekly chart, Gold Price has formed Ascending Triangle formation. The price has tested the support near 49000 in Sep-2022.The price has moving in positive bias, sustaining above the key support of 50 , 100 & 200-Moving averages on Weekly chart. Here, key resistance level would be at 55550 and if price break through this mark, we may expect further upside momentum in 2023.

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The leading indicator, RSI, is trailing above 60 in Daily, Weekly and Monthly charts which is positive for any Long opportunity. Also, MACD has a Bullish crossover above Zero line on Weekly – Monthly charts.

We are expecting upside momentum in Gold prices ahead in 2023. Investors may go for buy-on-dips opportunity on price correction and look forward for the Target levels of ₹58,888 to ₹61,111 per 10 gm levels.

Disclaimer: Author is Executive Director at Choice Broking. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.