Precious Metals: Bullish support removed – TDS
|Gold prices came under pressure once again yesterday. CTA buying into a relatively illiquid market removed some bullish support, strategists at TD Securities report.
Key quotes
“CTAs could be set to modestly lighten their length once again should gold prices close below $1572/ oz on the day.”
“We highlight fading upside in silver could be beneficial as prolonged weakness in industrial demand should keep silver's recovery under wraps for now. With prices below our trend reversal thresholds, we anticipate firming downside momentum.”
“The conclusion of CTA buying in palladium could open up additional downside, but as South African miners declared a force majeure which forced operations to close, which should offer PGM prices some support.”
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