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TD Securities sees new bids in the cards for Gold

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NEW YORK (Scrap Register): TD Securities look for gold to regain its footing after recent weakness. After peaking near $1,346.45 last month, spot gold has fallen to a session low of $1,283.15, its weakest level since late January.

“However, we anticipate that a poor economic outlook in Europe, continued disappointments in China and slowing U.S. growth into 2019 should all eventually conspire to reduce risk appetite,” TDS added.

At the same time, investors are also likely to convincingly call the end of the U.S. tightening cycle, which should serve as a catalyst to place gold on an upward trajectory once again.

These are some of the reasons why we see new bids in the cards for the yellow metal, and we see room for CTAs [Commodity Trading Advisers] to add to their length above the $1310/oz range, TDS added.

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