Gold reversed $US60 lower last week after hitting new highs, which aligns with our roadmap through 2025. As we said last week, “We couldn’t go short gold as it pushes to fresh highs, but the next 10-15% move feels like a coin toss following substantial gains over the last 2 years”. The less dovish Fed has removed a tailwind for precious metals, but the central bank buying looks likely to persist until governments get comfortable with Trump 2.0.
Our preferred scenario is gold consolidating around $US2900 before again testing the psychological $US3000 area, but we wouldn’t chase such strength.
MM is now neutral gold short-term
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