Nomura strategists add: Continued loose policy by other central banks is also likely to be supportive of gold, as evidenced by the outperformance of gold against the rest of G10 since the FOMC meeting. From a tactical basis, we would look to buy on (shallow) dips, in particular around the $1750 area, with an $1850 target in the coming weeks. The lack of a larger pullback from the highs, even with speculative positioning high, suggests that short-term sentiment is quite robust. From a longer-term perspective gold investor sentiment is also strong, because of the continuing increase in gold ETF holdings."
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