AlexPoon: We might expect gold to hit a record high this year
@AlexPoonFOTrading：
Gold moved opposite to the dollar in 2022. Since the greenback has been strengthening against major currencies, the gold did not perform very well and reached a low of USD1,618 (COMEX Gold Futures) before recovering by the end of the year. However, things might change in 2023 and there are several important factors supporting the gold price. We might expect gold to hit a record high this year.● Dollar weaknessStrong dollar pressed gold in 2022, but we expect the greenback will be on the defensive in 2023, since the end of the hiking cycle will not widen the interest rate differential further. Recession will also likely press the dollar if there is any expectation of an interest rate cut. I expect the dollar index might retreat to 94, which will give a strong boost to gold. ● Fed hike