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Momentum In Gold And Silver Still Points Up: TD Securities

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Gold and silver still have momentum behind them, says TD Securities. “Momentum signals are firmly pointing to the upside across the complex,” strategists at TD Securities write. The U.S.-China trade war and expectations of further Federal Reserve rate cuts are likely to continue to support the precious metals sector. “As the pressure on China's economy weighs on the RMB, which was allowed to weaken below the 7.0 mark, the President is likely to continue urging the Fed to lower rates which in turn could provide some positive tailwinds for gold and silver,” TDS says. “Global assets will have to grow accustomed to the reality that trade uncertainty is likely here to stay, which ultimately has consequences for asset prices and for the growth outlook.”

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