Gold is trading back at the bull-market trendline near $1,830. The yellow metal could enjoy a temporary relief on a move above this level, economists at TD Securities report.
“A convincing break north of the $1,830 level on the day could whipsaw momentum funds that have recently started selling the yellow. Nonetheless, with downside momentum firming and broad macro liquidations also weighing on gold, we think any relief will be fleeting.”
“A failure to confirm the early morning strength would see CTA selling resume course to a large net short position.”
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