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- Gold Price Forecast: XAU/USD to extend its move above the $1,870 level – TDS
Gold Price Forecast: XAU/USD to extend its move above the $1,870 level – TDS
Gold has shot to the highest level since June. In the view of economists at TD Securities, XAU/USD is set to extend its breakout north of the $1,870 range.
ETF holdings of gold continue to draw but at a slow clip
“Trend followers could extend gold's breakout north of the $1,870 range.”
“Considering that Shanghai gold traders' aggregate net length remains near multi-year lows, it is possible that this pipeline could bring a significant amount of buying interest back to the yellow metal.”
“ETF holdings of gold continue to draw but at a slow clip, as participants expect that central banks will be forced to raise rates in the face of persistently high inflation.”
“TD Securities' forecast of slowing growth and inflation next year suggests that market pricing remains far too hawkish, but gold prices have managed to breakout nonetheless as global markets scour for inflation-hedges.”
See – Gold Price Forecast: XAU/USD to face initial hurdle at $1,917/22 on its way to August 2020 peak at $2,072 – Commerzbank
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