XAUUSD @ 13.50 – Gold Price Forecast: sellers are lurking – TDS
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XAU/USD is keeping the corrective momentum intact, as it remains below the $1,800 mark. In the view of strategists at TD Securities, gold’s price action may be revealing substantial selling interest.
“Gold’s failure to break north of a key threshold for substantial short covering from CTA trend followers amid a miss in the highly anticipated US inflation data may be pointing to significant selling interest.”
“Strong physical demand may have exacerbated the short covering rally sparked by Chair Powell’s FOMC speech, but we see evidence that the Chinese bid in gold continues to unwind.”
“The bar for additional CTA purchases continues to rise – prices now need to break north of $1,830 to catalyze a buying program from trend followers.”
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