Gold Price Forecast: XAU/USD at risk of a pullback over the next few weeks – Standard Chartered

What is the outlook for Gold after the sharp moves in recent months? Economists at Standard Chartered see risks of a pullback.

Gold rally appears stretched 

“Our proprietary indicator, fractals, is signalling that recent rally has led to stretched technicals for Gold, which has shot past our end-2023 price target of $1,890. Hence, we see elevated risk of a consolidation or even a pullback in Gold over the next few weeks.”

“We would prefer to wait for a pullback towards $1,840 area before adding further exposure to Gold.”