Gold price down nearly $100 after testing all-time highs, but selloff is 'exhausted' and new cycle highs ahead, says TD Securities

Gold price down nearly $100 after testing all-time highs, but selloff is 'exhausted' and new cycle highs ahead, says TD Securities gold price outlook

The gold market selloff is nearly done, and prices will be heading to new all-time highs next, said TD Securities, which activated a new long gold trade at $1,994 with a target of $2,150.

After testing record highs two weeks ago, the gold market fell, with June Comex gold futures last trading at $1,986.30. This is nearly $100 lower since testing those record highs at $2,085 on May 4. The new peak TD Securities is waiting for is $2,150, which it sees gold reaching towards the end of the year.

In the past week, gold suffered from a widening gap between market expectations and what the Fed's dot plot says, TD Securities global head of commodity strategy Bart Melek told Kitco News.

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