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'Excess retail speculation and momentum' are adding fuel to gold price rally: TD Securities

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(Kitco News) After hitting another new record high and rising well above $2,000 an ounce, gold is starting to run hot and caution is necessary going forward, according to TD Securities. “We caution the yellow metal is still running hot relative to these observable drivers. While positioning is not overly stretched, it is certainly at the higher end of the range, and the trade is very much consensus, suggesting excess retail speculation and momentum could be contributing to the most recent leg of the rally,” TD Securities strategists write. “The nature of the rally continues to warrant caution as it leaves the yellow metal at risk of consolidating lower before a true breakout.”

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