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- Gold Price Forecast: The stage for an epic bull-trap in XAU/USD could be setting – TDS
Gold Price Forecast: The stage for an epic bull-trap in XAU/USD could be setting – TDS
Gold’s rally has started to show signs of exhaustion. An epic bull-trap could be developing in XAU/USD, economists at TD Securities report.
Macro headwinds are unlikely to relent in coming months
“We see signs of buying exhaustion in Gold, but a notable consolidation in prices will be needed before CTA trend followers spark renewed outflows.”
“At this juncture, positioning risks are no longer tilted to the upside, as a rally north $1,830 only points to marginal CTA buying from current positioning levels. This suggests that the pain trade in precious metals may finally be running out of steam, setting the stage for an epic bull-trap in precious metals, as the recently strong price action attracts discretionary interest in the complex, whereas macro headwinds are unlikely to relent in coming months.”
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