TDS says Gold's selloff isn't over, sees prices falling to $1,575 in Q1 2023
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! In his 2023 outlook forecast, Bart Melek, head of commodity strategy at TD Securities, said that he sees gold prices falling below $1,600 an ounce in the first quarter of next year.
"Furthermore, there is a risk that still-large long positions being held by family offices and proprietary trading shops could be liquidated, as it becomes increasingly expensive to hold positions," he said. "Capitulation or even some selling of those positions should drive the yellow metal into $1,575/oz territory over the next several months."
"The fact that gold has responded to even faint hopes of a monetary policy pivot lately, convinces us that gold will react ahead of when the US central bank actually signals an intention to start moving off the restrictive trajectory," he said.
However, the bank is not bearish on all precious metals. TDS sees upside potential for platinum from growing demand in the automotive sector and renewed investor interest.
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