Gold shows strength despite Fed uncertainty – TDS

June 11, 2024 4:46 pm

Gold (XAU/USD) prices show resilience amid China halting its purchasing program and the Federal Reserve uncertainty, analysts at TD Securities note.

Gold can see a moderate sell-off below $2,325/oz

“The Gold continues to show strength despite Fed uncertainty. News that China halted its buying program for reserves notably hit the yellow metal, while the strong US data added further uncertainty to macro investors’ appetite as the timing of rate cuts is again called into question.”

“Looking forward, the Yellow Metal could see some marginal Commodity Trading Advisor (CTA) selling below $2,325/oz, however there still remains a notable margin of safety before the next large CTA selling trigger around the $2,202/oz mark.”

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