Gold is rallying above its 1980 support, while the U.S. Dollar has fallen out of favor as a safe haven, probably due to the indecisiveness of rate hikes for 2023 by the Fed. China may launch a surprise attack on Taiwan earlier than official analysis have decreed. Chinese war ships remain in the Taiwan strait.

Chart 1

Chart 2

Gold is now trading above its 1980 and 1889 supports, bid at 2032 via the Futures market.  Chart 1  shows the U.S. Dollar (USD) that is falling out of favor as a doomsday/inflation hedge with gold replacing it, which is the conundrum that the Federal Reserve is facing on a daily basis.   If they fail to contain imbedded inflation within the U.S. economy and pause rate hikes for 2023, we will see Gold become its traditional safe haven for war and inflation. 

Chart 2 is a closer view of the Gold price and USD.

I actually think that the Fed will stick to its rate path throughout 2023, whilst allowing banks to shore up liquidity and dump assets onto their balance sheet.   Not the best price stability of global markets, but it's the way it is, regardless a looming war between China and Taiwan could be about to break out at any moment.   I personally cannot see China committed to drill after drill military policy, while Taiwan fortifies and builds up its own national defenses.