Gold Price Forecast: XAU/USD to suffer a correction in the coming days and weeks – Commerzbank
Source Fxstreet
The new all-time highs for Gold are noteworthy. Strategists at Commerzbank think there is too much interest rate optimism on the Gold market and see the sharp rise as an exaggeration.
Lasting upside potential only when interest rate cuts in the US begin
The market is mostly pointing to increasing hopes of Fed interest rate cuts, as the latest US economic indicators have been rather disappointing.
The new all-time highs on the Gold market are driven by short-term speculation. We therefore expect a correction in the coming days and weeks.
Only when the cycle of interest rate cuts in the US actually begins there is likely to be lasting upside potential.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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