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Gold enters bull market - where next?

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The recent push up in the price of gold means that it is now, technically, in another bull market. The price has risen over 20% since the lows seen back in September 2022.

 Jeremy Naylor | Writer, London | Publication date: Tuesday 24 January 2023

Gold has just tipped over into bull market today, which means it's up over 20% from the recent lows.

There’s a couple of things going on behind all this. First of all, it's the geopolitics and this continues to see money going into gold as a safe haven. We've got the inflationary aspect as well - two big factors that are giving some sort of support to what's going on with the price of gold.

US dollar basket

I think this is best illustrated if you look at what's happening as well in the foreign exchange markets, the dollar. Before we get to the gold chart, I want to show you the dollar basket because the dollar basket is pulling back. Anything priced in dollars gets this extra lift that we've got.


So there's a number of factors contributing to this move up in the price of gold. But look at this run that we've had from the lows we had back on the 28th of September when we were looking at levels of 1616. And you can see if we look back on that, that was the lowest print that we've seen there since the 8th of April 2020.

But look at the shape of this, the way that it's waving back here. And this is quite a good run that we've got from those lows that we had up to where we are at at 1940. This market is now up 20.23% from those lows. So it is now in a technical bull market.

Where's it go from here? As you can see here there's not actually much stopping it now, from where we are at 1940, all the way up to 2000, which was the spike higher we had back on the 18th of April so far as the record high was concerned. Well, that was back in March 2022, when that market was up at almost 2100 per ounce, we’re quite a way from there, but certainly in some people's eyes, that's the price target to go for.

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