TLT - Gold firms above $1800 but Citi sees path lower through 2021: Alpha Tactics

Gold (XAUUSD:CUR) (NYSEARCA:GLD) closed out the week slightly higher after a midweek pop on a dovish Fed faded at the end. Spot gold rose above $1,830 Thursday after Fed chief Jerome Powell assured markets that there was a lot of work to do before tapering of asset purchases could start and weaker-than-expected GDP supported his case. That sent the dollar (USDOLLAR) lower, buoying the yellow metal, which also benefited as inflation hawks put cash into gold, silver (XAGUSD:CUR) (NYSEARCA:SIL) and inflation-protected bonds (NYSEARCA:TIP). A stronger greenback on Friday after cooler-than-anticipated core PCE inflation trimmed much of those gains. But gold still finished the month up 2.5% around $1,814. About $300M flowed into gold for the week, according to BofA. "Our base case outlook remains that the yellow metal will hover near the higher-end of a $1,675-1,825/oz range through mid-3Q before trending lower into and after the September FOMC, to average ~$1,750/oz for the

For further details see:

Gold firms above $1,800, but Citi sees path lower through 2021: Alpha Tactics