Gold Price Forecast: XAUUSD to continue recovery momentum – Commerzbank

FXStreet Insights Team FXStreet

Gold continues recovery movement. At the same time, silver is up too. Economists at Commerzbank note that the selling pressure on the yellow metal seems to have abated.

Silver to profit from the expectedly high demand from the photovoltaic industry

“Gold is finding support from the weaker US dollar. Furthermore, gold is apparently finding favour with ETF investors again.”

“According to the CFTC’s statistics, speculative financial investors had withdrawn further in the week to 17 May, reducing their net long positions to their lowest level since last September. In our view, however, this should now have adjusted the market, meaning that the selling pressure generated by this group of investors should have abated significantly.”

“In the first four months of the year, China tripled its investments in solar power year-on-year to the equivalent of around $4.3 billion, according to the country’s National Energy Administration. Silver should profit from the expectedly high demand from the photovoltaic industry amid the decarbonisation drive and should increase in price accordingly in the long term.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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