Gold failed to hold the bull-market trendline near $1,830. Strategists at TD Securities see further downside potential for the yellow metal.
“Powell voiced a willingness to take rates beyond neutral in an effort to tame inflation, while sounding tone-deaf regarding economic worries given data is still robust for the most part.”
“With downside momentum firming among the precious metals complex, and broad macro liquidations also weighing, we continue to see further downside potential for gold.”
“ETF holdings have fallen for a ninth straight day while positioning analytics still argue for the potential of additional pain for gold bugs.”
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