#XAUUSD @ 1710.52 Gold Price Forecast: Fade the technical rebound in – TDS
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Gold registered strong daily gains on Wednesday. However, strategists at TD Securities expect the yellow metal to move back lower.
“While gold prices are flirting with a break of a multi-decade uptrend near $1,675, the stars are aligning for additional downside in precious metals to ensue.”
“While gold prices may now have accurately captured the expected level of interest rates, they are not reflecting the implications of a sustained period of restrictive policy.”
“Gold markets still feature an extremely concentrated and bloated position held by a small number of family offices and proprietary trading shops, which are increasingly at risk as prices approach their pandemic-era entry levels.”
“Our tracking of Shanghai gold trader positioning suggests that China’s appetite for gold continues to ebb, potentially adding into a liquidation vacuum.”
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