All That Glitters Is Gold

Not much to dislike about gold right now from a technical point of view. Price just set a new all-time monthly closing high last month at 11986/OZ and looks determined to test the all-time high at 2089/oz. Price is trending above all of the short and long averages and all averages are also trending higher which indicates a bullish trend behind price. The lower PPO indicator has also crossed bullish with the green signal line back above the purple base line which indicates short-term bullish price momentum. Both lines holding and trending above the horizontal 0 level indicate that the overall or long-term momentum behind price is also bullish.

All signs point to more gains for gold in 2023.