Gold Price Forecast: XAU/USD will move to new highs – TDS

FXStreet Insights Team FXStreet

Gold (XAU/USD) consolidates its gains after reaching a fresh 2024-high above $2,080. Strategists at TD Securities analyze the yellow metal’s outlook.

More data weakness needed for takeoff

It is hoped that the combination of lower yields, which are likely to attract discretionary investors into futures and ETFs, along with strong physical markets in China and robust central bank buying, will move Gold to new highs.

We believe that the yellow metal is set to move into $2,300+ territory, once there is more certainty surrounding the timing and magnitude of the pending Fed pivot.

But there will still need to be more evidence that the economy is slowing sufficiently to facilitate a steady drop in inflation before this rally becomes sustainable and moves to our target.

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FXStreet Insights Team

FXStreet

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