- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD bulls have lost one of the major pillars of the latest rally – TDS
Gold Price Forecast: XAU/USD bulls have lost one of the major pillars of the latest rally – TDS
Gold price is building on its recovery from four-week troughs of $1,860. Still, buyers seem to lack conviction, economists at TD Securities report.
Gold prices still remain overbought
“Shanghai Gold trader liquidations continue to suggest that behemoth Chinese buying activity over the last few months was likely exacerbated by Lunar New Year celebrations amid China's reopening, but is now on track to normalize. Still, with positioning now slightly below average, the pace of liquidations from this cohort could slow. This leaves investors as the marginal buyer or seller, which in the recent context increases the market's focus on upcoming data.”
“We don't expect substantial downside flow from CTAs until prices break the $1,840 range, but the margin of safety against a marginal buying program is razor-thin above $1,900. In turn, while prices still remain overbought, we don't see imminent downside flow without data corroborating a more hawkish path ahead.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
