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- XAU/USD to end the year at $1800, potential for a nosedive to $1500 by end-2022 – OCBC
XAU/USD to end the year at $1800, potential for a nosedive to $1500 by end-2022 – OCBC
FXStreet reports that strategists at OCBC Bank discuss XAU/USD prospects.
“The shift downward in both nominal yields (as a result of the soft US labour market) and breakeven yields (due to falling inflation expectations) mean real yields are likely to continue trading within range for now. Our rates strategist expects that US real yields may find a bottom at -1.0% in the near term and slowly rise towards -0.6% by end-2021. This suggests that gold, which typically moves in opposite correlation to real yields, may have found a top at its current level of $1900.”
“We expect gold to end at $1800 by end 2021 as the global vaccination drive gathers pace while the Fed turns increasingly less dovish on its monetary stance, driving real rates higher and in turn pushing gold prices down.”
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