Gold breaks above resistance on the first trading day of 2023

For the last 6 months, gold futures have been unable to break above $1840. The price range from $1780 to $1840 had contained pricing for the last month of 2022 but today on the first trading day of 2023 Gold had a successful break out to higher pricing.

Gold futures basis the most active February Comex contract posted a nice gain today of $15.40 (0.84%) and hit a high above $1850 at $1856.60. Gold futures closed today at $1845.50 so effectively $1840 is now supported and the next level of resistance occurs at $1860.

Gold made its gains in light of predominant dollar strength today with the US dollar index advancing by 1.13%. An interesting technical aspect that occurred in mid-December was that the dollar had a death cross between the 50- and 100-day SMA (Dec.14th) and Gold had a golden cross between the same two moving averages on Dec. 20th. The major moving averages have changed dramatically over the last six months for both assets. The dollar which traded above all three major moving averages for all of 2022 (50,100,200) is now trading below all of them. The opposite is true for gold however as prices have finally managed to trade above really it.

This Is What's About to Happen to Silver NEXT

Editor’s Note: Today we will present our subscribers with two videos the first is our regular daily report, and an interview that was done with WallStreetSilver which was recorded on Thursday, December 29, 2022. During the interview, we specifically focus on silver.

Wishing you as always, good trading,