Gold edges higher on a possible technical recovery after front-month gold futures settled down 1.3% overnight. It shouldn't be a big surprise to see the precious metal consolidating in a lower $3,800-$4,050 per ounce trading range, TD Securities' Bart Melek says in a research report.
The "perfect" gold bull market environment has been eroded by recent Fed rate cut ambiguities, central bank and Chinese retail buying worries, the head of Commodity Strategy says. After consolidation, however, average gold price is likely to reach a new quarterly record "north" of $4,400/oz in 1H 2026, Melek adds. Spot gold is 0.1% higher at $3,934.70/oz.
Source: Dow Jones Newswires
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