The following ZeroHedge article, pertaining to Saxo Bank's 10 Outrageous Predictions For 2023, is interesting.

Source: ZeroHedge

My analysis will focus on their prediction of Gold (GC) at 3,000 in 2023.

Technically, a target zone of between 2,990.94 and 3,049.12 exists.

It is formed by a long-term External 2.236% Fibonacci level at 2,990.94 and a long-term 1.382% Fibonacci Extension level at 3,049.12, as shown on the following monthly chart of GC.

As I'm writing this on Tuesday, the current price is 1,783.15. That's shy of 1,216.85 points yet to be gained by the end of 2023 (a gain of 68%)...or approximately 100 points per month.

So, while that would be an unprecedented move for Gold in one year, 3,000 is within the Fibonacci target price zone...and is technically possible. 

I'll leave the odds of that happening to the market makers.

(Click on image to enlarge)

On a shorter-term timeframe, keep an eye on the following daily GOLD:GVZ ratio chart (Gold versus Volatility).

In general, look for:

• a bullish Golden Cross to re-form on the 50/200 MAs, 
• the RSIto remain above the 50.00 level, 
• the MACD and PMO indicators to remain above Zero, and
• the price to hold above 100.00, then break and hold above the 120.00, 130.00, and 160.00 resistance levels, respectively,

to confirm such a bullish scenario.

(Click on image to enlarge)

So, $3,000 Gold in 2023?...

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