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- Gold Price Forecast: Too early to fade the XAU/USD rally – TDS
Gold Price Forecast: Too early to fade the XAU/USD rally – TDS
Gold jumps to a fresh eight-month high following the release of the US consumer inflation figures. In the TD Securities strategists' view, it is too early to fade the rally.
Too early to fade Gold?
“Price action in Gold continues to trade consistently with a strengthening uptrend, whereas our tracking of positioning for the top ten traders in China also continues to highlight an uninterrupted accumulation of Gold.”
“Further, the bar is low for price action to spark a subsequent CTA buying program. We still don't see signs that the underlying bid is abating, but will look for continued buying activity following Chinese New Year celebrations as the first milestone to single-out the cause behind these massive purchases.”
“Gold may well be overbought, but price action and its underlying drivers still suggest that it is too early to fade the rally.”
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