Gold bulls run too hard, too early

Thursday 12 January 2023

I am definitely bullish gold in 2023. Not least owing to the crash in crapto crediblity, But the present rally has run too far, too early. I look for another round of DXY strength for a better entry point. The Market Ear with useful charts.

Unstoppable gold

Gold has actually traded in a range since 2020, with a few over/undershoots. We are approaching the huge 1900 level, that has been a key level over the years, but we have to admit momentum is impressive. Note the 50 day about to cross the 200 day as well.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.