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TD says gold to remain under pressure in the months ahead

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We had outsized volatility in gold back on Monday this week.

The early move was a sharp move lower and then for the balance of the session a retrace (not all the way) back up. 

Since Monday gold has hashed around largely sideways:

We had outsized volatility in gold back on Monday this week.

A snippet comment from TD commodities analysis, seeing an ongoing rise in real yields and increasing expectations of a Federal Reserve tapering:

  • Gold will be under pressure in the next couple of months
  • The market’s expectation is that economic data will continue to recover in a very firm clip reminiscent of the employment data, but Delta variant concerns could certainly prevent the Fed from wanting to taper sooner rather than later

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