TDSecurities gold TD Securities increases its tactical short position in gold, prices to fall to $1,580
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In a note Friday, commodity analysts at TD Securities said that they were increasing their current tactical short position as they see prices falling to $1,580 an ounce in the next two months as markets see further aggressive action from the Federal Reserve through the rest of the year and into 2023.
The analysts at TD Securities said that they are increasing their tactical short position as the gold market continues to creep closer to a major capitulation moment. Gold has fallen to a two-year low as inflation pressures in August were surprisingly resilient, despite a drop in energy prices. The elevated inflation threat has prompted markets to expect the U.S. central bank to raise the Fed Funds rate by 75 basis points on Wednesday. According to the CME FedWatch Tool, there is a 20% chance of the Federal Reserve moving a full 1%.
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