Gold momentum stalls
Gold is down $4 in early trading with sentiment in Asia improving.
One thing to keep an eye on is the seasonal trend in gold. We're at the tail end of the seasonal tailwind. The March-June period isn't a great one so the bulls will be swimming upstream. That said, if you look through the past decade, there are plenty of times where gold shines.
In the bigger picture, we're right in the middle of the range and until we get back to $1540 or $1600, it's a wait-and-see market.
The fundamental picture to me is magnificent in the long-term with central banks pivoting towards something structurally move dovish and governments slowly abandoning any fiscal responsibility.
