Gold price touched a nine-month high on Tuesday. The yellow metal needs to surpass the $1,970 region to firm further, strategists at TD Securities report.
Break below $1,900 to spark trend follower liquidations
“The bar is low for price action to catalyze yet another CTA buying program in Gold. However, algo trading flows are expected to remain limited with substantial purchases only likely above the $1,970 range. Still, Gold prices could struggle to firm further in the absence of the single-largest buyer of Gold over the past months.”
“On the downside, a break below the $1,900 range is required to spark trend follower liquidations.”
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