Upside Potential on Gold

The U.S. consumer prices continue falling, this may result in the interest rates being higher than the inflation rate as early as the summer of 2023. There is also a risk of a global recession this year. This situation will likely create pressure on the Fed that may result in an early pivot. As a result, we may see new all-time highs from GOLD this year. On the daily timeframe, the resistance level of 1965 zone must be watched closely whereas falls towards the support level around 1877 can be seen as buying opportunities.