An outlook for the price of gold via TD, generally looking for lower
In brief:
- the set of market dynamics that have recently driven the yellow metal into the ditch are set to remain for the balance of 2018
- we expect choppy range-bound trading between $1,180-1,215/oz in the near term
- fiscal stimulus and worries that rates are set to rise ever closer to the dots will increase the opportunity costs of holding zero-yielding assets
- US dollar's strength relative to western and EM currencies is quite likely to remain a significant headwind
- we don't expect much sustainable upside in the near term, and expect prices to remain under pressure for now
