Gold has rallied along with risk assets on optimism that the inflation genie will be successfully put back in the bottle by central banks although we expect another couple of optimism/pessimism cycles will unfold on this front through 2023/4.
- we believe gold is close to a period of consolidation as the upside momentum wanes, this could potentially become a decent pullback if the $US bounces as we expect.
MM remains bullish gold medium/long term
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