Gold (XAU/USD) closed at an all-time high on Friday. Economists at TD Securities analyze the yellow metal’s outlook for the week ahead.
Data from the US could trigger a big reaction in XAU/USD
February ISM services, payrolls, wages and unemployment data may well be catalysts for Gold to move higher if they come in significantly weaker than expected. Otherwise, much of the latest gains will likely be given back.
We suspect that data will be weaker, but not so poor as to drive yields much lower. As such, the market will have to wait for our $2,300 trading target to manifest a while longer.
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