The latest CPI print was a bit of a head fake for Gold markets, initially generating a rally than a drop back to the daily lows. Economists at TD Securities analyze XAU/USD outlook.
Gold to move into $2,100 territory in late 2023-early-2024
We think that Gold runs below $1,900 support from here should data remain firm and inflation edge higher due to energy.
Longer-term, however, positioning and likely aggressive action on the easing front, once data turns convincingly negative, should catalyze a robust rally that could take the yellow metal into $2,100 territory in late 2023-early-2024.
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