Gold Price Forecast: XAU/USD unlikely to settle above $2,200 until the Fed tilts towards the dovish side – TDS

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Gold performed poorly over the last week. Economists at TD Securities analyze the yellow metal’s outlook.

Only weaker US data is likely to convince the Fed to tilt toward the dovish side

With prices again moving well above the psychologically important $2,000 mark, there may likely be more short covering and new longs coming this week. 

But only weaker US data is likely to convince the Fed to tilt toward the dovish side. This implies that a convincing upward trend to our $2,200 average price next quarter is unlikely to develop until then.