Gold Price Forecast: Favorable backdrop for XAU/USD — Credit Suisse

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The backdrop for cyclical commodities is likely to remain challenging and volatile. However, Credit Suisse strategists they believe gold could post gains later in 2023.

Bullish options could be considered for Gold

“As we head into 2023, the background could remain unfavorable for cyclical markets. However, central bank tightening efforts are likely well under way and the peak of monetary policy is approaching, which would provide an improving background for precious metals, especially gold.”

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“With the risk of central banks triggering a deep drop in growth, we see some upside risks to gold as time progresses. It may be premature to create direct exposure, but we think it is worth looking for bullish options at medium term.”

Source: Fx Street

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