Gold Price Forecast: XAUUSD corrects lower, inflation still a big problem – TDS
Gold price traded back towards $1,680 at the end of last week. XAUUSD is staging a deep correction on Monday, in line with the view of strategists at TD Securities.
Specs to again grow the shorts covered at the end of last week
“Following Friday's massive gold and commodity rally, driven by speculation China will moderate COVID-19 restrictions and a somewhat mixed payrolls, we look for specs to again grow the shorts they covered at the end of last week.”
“At $1,680, the yellow metal is at a technical point that may easily see a sharp reversal. Indeed, with inflation still a big problem and the US economy running hot, rates on the front end will continue to rise, and the dollar will be firm, which prompts us to think that a correction is in the cards starting in the not too distant future.”
Reprinted from FXStreet_id,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.