Core Themes
• Gold has collapsed following the completion of a medium-term top in April.
• Our core target remains $1157/54, which has nearly been hit.
• Momentum indicators are now warning of a rebound.
• Strength though will remain seen as corrective.
• Positioning data suggest the market is now neutral.
• Lower US inflation expectations are easing near term.
• The USD rally approaches tougher resistance.
• Gold stocks can often turn first, but have yet to base.
• We stay bearish Silver, but momentum is similarly tiring.
• Platinum continues to outperform.
• Palladium stays sideways.
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• Gold has collapsed following the completion of a medium-term top in April.
• Our core target remains $1157/54, which has nearly been hit.
• Momentum indicators are now warning of a rebound.
• Strength though will remain seen as corrective.
• Positioning data suggest the market is now neutral.
• Lower US inflation expectations are easing near term.
• The USD rally approaches tougher resistance.
• Gold stocks can often turn first, but have yet to base.
• We stay bearish Silver, but momentum is similarly tiring.
• Platinum continues to outperform.
• Palladium stays sideways.
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