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Demand for Gold Rises

1/25/2023 1:02 PM

The XAU/USD pair is moving within a confident uptrend, holding above the key level of early 2022 at 1900.00.

The main driver of the positive dynamics of the asset is the correction of the US dollar, which is trading near last year's lows at 101.500 in the USD Index, and positive messages regarding investor interest in the asset. Despite gold ETFs holding inventories at 94.0M oz, down from 107.0M oz in Q2 2022, demand for the metal from central banks grows: last December, the country imported 303.4 tons of precious metals and exported 283.8 tons for a total of 8.2 billion francs. The largest buyers of Swiss gold were China (62.7 tons), Turkey (31.0 tons), and Hong Kong (12.3 tons).

The situation with investment demand for the asset also speaks in favor of the growth of quotations: according to the US Commodity Futures Trading Commission (CFTC), last week, the number of net speculative positions on it increased to 153.2K from 150.5K a week earlier.


On the daily chart, the trading instrument is growing, holding near the resistance line of the ascending corridor.

Technical indicators strengthen the buy signal: fast EMAs on the Alligator indicator are at a sufficient distance from the signal line, and the AO histogram forms rising bars in the buying zone.

Resistance levels: 1943.0, 2000.0. | Support levels: 1903.0, 1854.0.

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