Gold: Trading above $1550/oz support – TDS

Gold’s appetite is set to continue once the yellow metal has made a thin come back this morning, TD Securities strategists informs.

Key quotes

“The yellow metal has bounced off $1550/oz support to trade slightly higher this morning, even as risk appetite continues to firm and equities reach record levels once again.”

“The rush of safe-haven buying has likely reversed, with some further liquidations from the record stockpile of ETF holdings and extended positioning not off the table.”

“We expect that the structural growth in investment demand for the yellow metal, along with continue suppression of real rates across the globe will keep the gold bug alive in 2020.”