6 August
Wells Fargo: gold will trade between $1900 and $2000 in 2023
Commodity bull super-cycle gives a positive outlook for commodities. As for the precious metals sector, which includes yellow metal, strategists at Wells Fargo adopt a neutral position on its dynamics.
They note that the dollar’s surge to a 20-year high seen this year was Gold’s most potent negative. Strategists expect the dollar to correct and then slide in 2023, which should ease pressure on gold.
A favorable supply/demand balance, as well as oversold price conditions, may also positively affect the yellow metal.
In their view, the target range for 2023 of $1,900 to $2,000 will be in line with the dynamics of commodities. At the same time, strategists recommend investors not to be aggressive with gold until it moves upwards.
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