In our view, gold has fallen too far,” Commerzbank said. “The current price hardly reflects the numerous political and economic uncertainties prevailing. The record level of speculative net short positions suggests a substantial price rally before the end of the year. Given the lower starting point, we are lowering our forecast for year-end to $1,300 per troy ounce. We still expect the price to rise in 2019 to $1,500.”
