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TDS: Gold Prices To Remain Stuck In $50 Range

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Full Article: TDS: Gold Prices To Remain Stuck In $50 Range

By: Allen Sykora

Gold may hold for a while in the roughly $1,260-$1,310 range in place since late September, says TD Securities. Some factors have hurt gold lately, such as reports that Stanford economist John Taylor – seen as a hawk – was one of the front-runners to be the next leader of the Federal Reserve, plus weakness in the euro and stronger-than-forecast third-quarter U.S. economic growth. “But, despite the negative precious-metals environment, gold has held firm with only minimal liquidations of long positions,” TDS says. “Looking beyond the December hike, poor inflation data, along with the Fed questioning whether the weaker inflation is indeed transitory, are the main factors keeping investors interested as they question the Fed-s longer-term dots [projections on interest rates]. Further factors keeping gold well supported are the notion that Trump’s tax plan will likely take time to get passed, and the ever-present geopolitical tensions with North Korea and the Catalan separation. Also, despite all the worries of Taylor being the next head of the Fed, [Jerome] Powell (the most dovish candidate) remains the betting favorite and on Friday it was said that Trump is indeed leaning his way. Should Powell get the nod, we expect prices will get a boost and head back toward $1,300/oz into 2018, but are unlikely to head much higher until it becomes clear that the Fed will not stick to the inflation outlook later in 2018.”

 

Full Article: TDS: Gold Prices To Remain Stuck In $50 Range

By: Allen Sykora

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