Gold Forecast It Could Reach 1600

 Gold Forecast It Could Reach 1600

Gold (XAUUSD) Forecast: It Could Reach $1600 Within Next Few Months

This year was very disappointing for the Gold (XAUUSD) bulls as it went from a high of $2050 during the month of March to its current level of $1617. Overall, Gold (XAUUSD) lost $433 of its value just in 2022, which was a very poor performance, no matter how you look at it.

Considering the poor economic situation around the world, Gold (XAUUSD) could have gained instead of turning lower. However, a closer look at the situation reveals a lot of different factors... The biggest factor is the stronger USD, and since we are talking about the pair of Gold versus USD, it made the Gold turn lower.

Meanwhile, the experts working at TD Securities believe that the yellow metal has yet to form a bottom. In fact, they believe that Gold (XAUUSD) will turn even lower and reach $1600 within the next few months.

According to the experts, there's also a possible upside move expected in the Gold (XAUUSD). However, it will only happen in the latter half of 2023. During that time, Gold could rally until it reached a price higher than $1800.

And if the real & nominal interest rates in the USA continue to rise sharply, it would further strengthen the USD against the other currencies and even precious metals such as Gold (XAUUSD). In This case, the expected price for Gold (XAUUSD) will be somewhere around $1575 during the first quarter of 2023.

Once we get confirmation that the Fed is nearing the end of its hawkish cycle, that's when the Gold (XAUUSD) will truly start to shine and could reach $1800 after the first quarter of 2023. Similarly, any other economic events that make the USD weaker will also support the Gold prices and would be a piece of good news for the Gold bulls.

But when we look at the long-term outlook of XAUUSD, it becomes clear that any downtrend is just a resting stop before the shiny metal stages another bull run!

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