Gold Weekly: We Turn More Cautious

  • 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.

Source: Gold Weekly: We Turn More Cautious

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