Gold Price Forecast: XAUUSD to avoid a dip below $1,800 – Commerzbank
|Gold has dropped to $1,825. Still, economists at Commerzbank expect the yellow metal to hold above the $1,800 level.
Gold not solid as a rock
“Gold has failed repeatedly in recent weeks to live up to its reputation as a safe haven, despite recession fears being behind the price slide suffered by cyclical commodities.”
“Over the past few weeks, increased buying interest could be observed at prices just above the $1,800 mark – preventing the gold price from dipping below this threshold in any lasting manner. We expect much the same to happen this time, too, and do not envisage any more pronounced decline in the gold price.”
“Inflation will be the main topic today at Fed Chair Powell’s semi-annual testimony before the US Senate Banking Committee. If the market learns anything new from the testimony, this is also likely to have an impact on gold via movements in the EUR/USD and bond yields.”
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.