Gold Price Forecast: XAUUSD enjoys renewed buying interest between $1,800-$1,850 – Commerzbank
|Gold is finally able to hold its own again and has risen slightly to $1,845. Economists at Commerzbank expect the yellow metal to trade comfortably above the $1,800 level.
Speculative financial investors retreated on a grand scale from gold
“Gold was unable to resist the downward pull of cyclical commodities on Friday and likewise fell. The lower price level generated buying interest, however: at over 10 tons, the gold ETFs tracked by Bloomberg registered their biggest daily inflow since mid-April on Friday.”
“The renewed buying interest that is repeatedly seen at prices of between $1,800 and $1,850 is likely in our view to prevent gold from dropping lastingly or noticeably below the $1,800 mark.”
“According to the CFTC’s statistics, net long positions were slashed by 36% to just shy of 37,000 contracts in the week to 14 June. Speculative financial investors probably played a major part in the slide in the gold price during the period under review, in other words.”
See – Gold Price Forecast: Hedging demand amidst market volatility to push XAUUSD higher – Deutsche Bank
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.