Gold Price Forecast: XAUUSD to plunge below the $1,800 level – TDS

FXStreet Insights Team FXStreet

Gold has dropped t below the 200-day moving average (DMA) of $1,837.60. In the view of strategists at TD Securities, more gold downside is on the cards and so are higher lease rates.

Fed may have no choice but to stick to a hawkish policy stance

“With inflation still raging, the Fed may have no choice but to stick to a hawkish policy stance for a while yet. As such, it is likely that spec interest will lighten up on length, as real rates rise, which should drive gold lower.”

“At the current $1,837.60, prices are at risk of falling below support and may well end up in below $1,800/oz. While this is not accretive for capital value of portfolios weighted with gold, it may be a positive for those who wish to derive a yield from lending the metal.”

“Higher real rates and reduced spec length tend to be a positive catalyst for lease rates.”

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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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