Gold Price Forecast: Trend reversal threshold around $1,780 in XAUUSD appears attractive – TDS
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Gold remains well below levels that would be consistent with a renewed uptrend over the coming quarter. In the view of strategists at TD Securities, trend reversal threshold around $1,780 in the yellow metal appears attractive.
“We remain confident that the downtrend in precious metals prices will prevail over the coming months, but a growing chorus of market participants seek to position for an eventual central bank pivot on the horizon to catalyze a sharp repricing higher in precious metals.”
“Our analysis argues that price action in Gold would only be consistent with an uptrend north of $1,830 by Mar2023, which appears unlikely as the Fed continues to tighten policy as it battles stubbornly elevated inflation over this timeframe. Notwithstanding, the critical thresholds for a sustained uptrend to form are largely unchanged by Sep2023. And, as we progress through the new year, the likelihood of a new easing cycle at the Fed is expected to rise.”
“Given we expect an easing cycle to begin in 2023Q4, trend reversal thresholds around $1,780 in Gold and $22 in Silver appear attractive for those looking to position for risks surrounding implications of a Fed pivot by Sep2023, particularly should family offices and proprietary traders capitulate on their bloated long positions.”
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