Gold closes down, pressured by the dollar and Treasury interest rates after yesterday’s rise – 11/15/2023

The most liquid gold futures contract closed with a slight drop this Thursday, the 15th, pressured by the dollar and the interest on Treasuries and after having registered an increase in yesterday’s trading session.

On Comex, the metals division of the New York Mercantile Exchange (Nymex), gold scheduled for delivery in December closed down 0.11%, at US$ 1,964.3 per troy ounce.

Despite today’s drop, analyst Katie Stockton, from Fairlead Tactics, highlights that the precious metal’s long-term impulses remain “intact”, so the expectation is that gold will once again test the limits of US$2,063 per ounce -troy soon.

However, TD Securities assesses that while traders may look to initiate short positions in precious metals, “they will also likely face increasing headwinds as the third quarter of 2023 is likely to mark the peak in US data, with a significant deterioration in growth trends of the country in the future”.

Oanda highlights that projections for gold are for rising prices, at a time when markets have fully priced in the impossibility of any interest rate increase by the Federal Reserve and while they are already predicting the first cut in the Fed Funds rate in May. “Gold is on an upward trajectory, not far from US$2,000 per troy ounce, and supported by better fundamentals.”