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.
Recommended
Energy and Precious Metals Market events for February 2-3, 2023
2 February 2023
Last year recorded an increased demand for gold up to the levels of 2011
1 February 2023
Commerzbank: gold will continue to rise with ETF investors’ increasing interest in the metal
31 January 2023
IMF increased forecast for world economy for the first time in a year
31 January 2023
Gold comes to the forefront as a protective asset in crisis
27 January 2023
Top news
Nothing found