Wild whipsaws in rates markets associated with banking stress newsflow have weighed on Gold prices to start the week. However, the trend for the yellow metal is unchanged, strategists at TD Securities report.
Gold has only seen lackluster interest associated with safe-haven buying
“Interestingly, the evidence suggests that Gold markets have only seen lackluster interest associated with safe-haven buying.”
“In Comex Gold markets, the crisis catalyzed some discretionary short covering, but much of the increase in long positioning has been associated with CTA buying activity. Even so, marginal liquidations from this cohort are unlikely to occur above the $1,955 mark, whereas additional buying activity could be catalyzed just north of the $2,000 range.”
“The wild gyrations observed in rates markets are unlikely to spark a change in trend for Gold.”
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