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Gold prices likely to gain further

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NEW YORK (Scrap Register): TD Securities looks for further gains in gold prices, especially if U.S. stocks continue their late-2018 weakness.

Signs of a flinching Fed supported gold and silver heading into the New Year celebrations, prompting CTAs [commodity trading advisers] to turn bullish on gold for the first time in six months, said TD Securities.

That being said, 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, TD Securities added.

Early Wednesday, Comex February gold peaked at $1,291 an ounce, its strongest level since June.

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