Over recent weeks, gold has been quietly gaining strength above US$1900/oz and a re-test of the recent early March high is our preferred scenario. Last week’s advance came despite the $US also rallying implying a greater level of underlying strength in the precious metal. If the $US takes a breather we would expect a pop higher in gold taking gold equities along for the ride.
MM is bullish on Gold, targeting ~10% upside
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