#XAUUSD @ 1687.29 Gold Price Forecast: to extend its decline on highly-aggressive Fed tightening – TDS
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Gold has broken the $1,700 support. Economists at TD Securities expect the yellow metal to extend its move downward as aggressive Fed expectations are being priced in.
“We expect continued outflows from money managers and ETF holdings to weigh on prices, which ultimately raises the probability of a pending capitulation from the small number of family offices and proprietary trading shops that hold complacent lengths in gold.”
“The persistence of inflation continues to support an aggressive effort by the Fed, and we now expect the FOMC to raise the target rate by 75 bps at its meeting next week, deliver another 75 bps hike in November, and hike a further 50 bps in December.”
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