Gold regained ground following the Fed meeting. Economists at Commerzbank analyze the yellow metal’s outlook.
Upswing on the Gold market appears to have run out of steam
The upswing on the Gold market appears to have run out of steam as the geopolitical risks are being priced out more and more. In addition, the Fed has left the door open to another rate hike. Even though we are confident that interest rates have already peaked, market participants are nonetheless likely to remain cautious in this respect.
Assuming there is no further escalation in the Middle East, the upside potential for the Gold price will probably be severely limited.
Source: https://www.fxstreet.com/news/gold-price-forecast-xau-usds-upside-potential-severely-limited-commerzbank-202311031445