Gold attracted some dip-buying on the first day of a new week and reversed a major part of the previous week's pullback from a two-month high. Economists at TD Securities expect the yellow metal to consolidate around the $1,830 mark this week.
Market continues to pencil in additional Fed rate hikes
“Money managers reduced net length in their gold holdings. As the market continues to pencil in additional Fed rate hikes, with a full 4 hikes priced for 2022 and a near-certain March rate hike priced, precious metals appear vulnerable to a consolidation following this substantial shake-up in position.”
“We expect gold to hold near current $1,830/oz level into next week, with positioning likely moving toward the longs.”