Gold has plunged from $2,050 in March to as low as $1,617 in early-November. Strategists at TD Securities expect XAUUSD to trade lower on further real rate increases before rallying later in 2023.

XAUUSD set to go into $1,575 territory over the next several months

“A continued sharp increase in US real and nominal rates along the short end of the curve is projected to drive Gold toward $1,575 in early 2023.” 

“The yellow metal may well start to trend up toward $1,800 after Q1, as it becomes clear that the Fed is approaching the end of its tightening cycle and the market starts to look toward cuts on the horizon.”