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Precious Metals: The balance of risks remains to the upside for gold – TDS

The precious metals theme is one of divergence, according to strategists at TD Securities.

Key quotes

“Our ChartVision indicator continues to point towards a strengthening uptrend in gold, which contrasts sharply with the strengthening downtrend in silver. This is in line with our view, the underlying deterioration in commodity demand continues to weigh heavily on silver prices.” 

“In gold, we highlight +89% of momentum signals are long on a 60-dma basis, which contributes to gold's total breadth (of combined mean-reversion and momentum) signals long at +55%.”

“While a sharp recovery in equity prices could constrain safe-haven demand for gold, ultimately, we argue that the monetary impulse will remain the primary driver of investment demand for the yellow metal.”

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