German Inflation Rate Slowed. Has Gold “Priced In”?
- Amid a slower inflation rate in all regions due to the interest hike, many countries may face a slower economy in 2023.
- China has posted its slowest economic growth in the last five decades.
- Uncertainties in 2023 have been the main theme after the central banks sort of tame the inflation rate.
- From a technical perspective, Gold has failed to break above USD1,920 per troy ounce and even formed an Evening Star candlestick pattern.
- If the price continues to plunge, the next target will be around USD1,875-1,885 per troy ounce.
- On the contrary, if the price can significantly close above USD1,920 per troy ounce, it may continue heading to USD1,955-1,975 per troy ounce.
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