Analysts believe a record high is achievable

gold

According to analysts, 2023 could be a good year for the precious metal.

(Photo: dpa)

Dusseldorf Gold does not earn interest or dividends. As a result, the precious metal is actually at a disadvantage in times of rising interest rates, as we have been experiencing since 2022. But at $1,900 an ounce, gold last week hit its highest level since March last year.

That’s a sign of strength, experts say. There is currently no lack of optimistic forecasts.

According to technical analysts, 2023 will be a good year for the precious metal. “Gold is rising and should continue to rise,” predicts Karin Roller, stock exchange trader and board member of the Association of Technical Analysts in Germany (VTAD).

After the long sideways movement, in which the price only fluctuated up and down, and the subsequent dynamic increase in the past few months, the chart picture looks “very bullish” for Roller. Her target price is a little over $2,300. That would be more than $200 above the previous record.

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