Gold's surge beyond $2,000 'might prove difficult for now': TD Securities
(Kitco News) Gold is facing strong resistance at $2,000 an ounce and a move above that level might be a tall order, according to TD Securities. “With the U.S. dollar, interest rates, inflation expectations, momentum indicators, and positioning metrics all approaching key levels, a continued surge beyond $2,000/oz might prove difficult for now,” TD Securities commodity strategists write. “Renewed virus growth in Europe and Asia, along with boiling Chinese tensions, are just a couple other factors that could see the yellow metal consolidate in the near term, especially given the recent correlation between risk assets and gold.” Sings of consolidation started to appear as gold approached $2,000 an ounce level. “The latest readings of positioning [were] showing investors taking profits as prices breached $2,000/oz. Some money managers have boosted their short positions,” the strategists note.