fxs_header_sponsor_anchor

News

Gold Price Forecast: XAU/USD to form an uptrend by March 2022 – TDS

The strong US inflation print has catalyzed a meaningful breakout in gold prices. Strategists at TD Securities believe that the yellow metal is set to extend its advance on a close above the $1,860 level.

The breakout in gold has attracted new buyers

“The breakout has driven the China Smart Money group of funds to add a significant amount of new length in SHFE gold. Considering that Shanghai gold net length remains near multi-year lows, a change in sentiment, potentially driven by the technical breakout, could attract a significant amount of buying interest from this cohort.”

“With US real yields plummeting, the tides could sway the persistent waves of ETF sellers to add length.”

“Gold prices need only close north of $1,860/oz to catalyze further CTA long acquisitions, which should cement a more supportive trend.”

“After all, our ChartVision framework, which stress-tests 75 technical indicators to identify the critical threshold for a change in trend, suggests that with gold prices north of $1,845/oz, an uptrend in gold should form by March 2022.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.