Analysts at TD Securities explain that the CTAs has turned bullish on gold for the first time in six months supported by the signs of a flinching Fed.
“The next upside trigger for gold remains out of sight, suggesting that appetite from discretionary traders will have to grow for prices to remain supported. And, as precious metals offer a much needed hedge against collapsing equity prices, we think this rally in gold has not run out of steam in the near-term, until additional evidence surfaces that stocks have bottomed.”
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