For the last 21 years, OBV has proven to be an interesting indicator for anticipating up and down cycles, often the expression of smart money going in and out. In this specific case, decreasing OBV could show the anticipation of a down cycle for 2023
UBS : Outlook: We see another strong year for commodities in 2023, and forecast high-teen percentage total returns on an asset class level. We expect energy to take the top spot again, followed by industrial and precious metals respectively. Precious metals such as gold look attractive from a portfolio insurance perspective, while agriculture and livestock should deliver flat to positive returns on a full-year basis. Our positive view for 2023 is based on a robust economic recovery in China, the start of a Fed rate-cutting cycle later in the year, and several unresolved supply-side issues that should keep market balances tight.