We see potential for further downside pressure over the near term, but the market generally appears well supported at the moment. So any weakness is unlikely to be very violent or major. |
We see some positive factors that could potentially bring prices near the top of this range. |
We will not rule out the possibility of further weakness and prices are likely to remain volatile in a broader range. |
Whether or not the rally can continue hinges critically on how long investors decide to stay in the market. |
With a lack of fresh catalysts to trigger a significant move in either direction, we expect gold to remain in its consolidation mood over the near term. |