Daily Gold Market Report

Gold continues to drift lower in aftermath to yesterday’s sharp sell-off
TD Securities thinks ‘selling exhaustion in precious metals could be imminent’

(USAGOLD – 5/17/2023) – Gold continued to drift lower in the aftermath of yesterday’s sharp sell-off driven primarily by less than accommodative Fed-speak and speculative selling once the metal broke below the $2000 level. It is down $6 at $1986.50. Silver is down 12¢ at $23.71. Investing.com says some called yesterday’s sell-off a “mini-crash” but contends gold’s upside “isn’t broken, but probably just chipped.” TD Securities found a positive in yesterday’s selloff. “Without an additional macro catalyst,” it says, “our positioning analytics highlight that selling exhaustion in precious metals could be imminent, barring a debt-ceiling catastrophe.…Gold prices are near all-time highs, but the positioning set-up remains inconsistent with a cycle peak.” [Source: FXStreet.com]