- GLDM does not enjoy significant upward pressure from the escalating US-China trade/tech dispute due to contradictory consequences.
- Gold’s positioning has improved markedly since mid-May, predominantly due to speculative demand.
- The technical picture deteriorates.
- We revise our month-end forecast for GLDM from $13.45/share to $13.00/share.
Gold Weekly: We Turn More Cautious
