Ryan McKay and Bart Melek at TD Securities say Gold and broader precious metals are likely to remain comfortable in a higher trading range. While systematic and ETF inflows have slowed and rates ticked up, Treasury support for the long end and a Fed tolerant of higher energy costs underpin near-term Gold. However, further upside may wait on clearer Fed-on-hold conviction.
Precious metals consolidate elevated band
“While the barrage of recent flows from systematic funds, macro discretionary funds, Asian speculators, and ETFs has notably slowed, and interest rates have moved higher again after yesterday’s liquidity measures, gold and precious…
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