Analysts at TD Securities suggest that messy European politics, along with a Fed which is set to remain on its tightening trajectory, have kept the dollar index above 97 which continues to add to downside pressure on gold.
Key Quotes
“While CTAs have now pared back much of their record-setting shorts, we suspect that a break below $1,190/oz would prompt the algos to once again increase their short positioning as downside momentum firms.”
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