Gold Market
CTAs have reversed recent gold buying, but discretionary investors are providing support, according to TD Securities. The bank expects any near-term weakness to be limited and to offer buying opportunities.
TD Securities says gold is outperforming other precious metals despite rising energy prices and Fed hike expectations. Near-term CTA selling is possible below key levels, but longer-term support remains robust.
TD Securities says gold has held firm despite higher Fed rate hike odds. The next big test is US inflation data, with structural demand still underpinning the metal.
TD Securities remains constructive on the South African Rand, citing gold prices above $4,000/oz and resilient global risk sentiment as key supports despite domestic political noise.
TD Securities sees gold range-bound between $4,200 and $4,500/oz into early 2027, with a sustained rally possible later that year as inflation eases.