Is this the end of consolidation phase for gold price?

New York (Sept 28)  A pause in the U.S. dollar strength might be a sign that gold’s consolidation phase is over, according to TD Securities. “While the U.S. election remains a source of uncertainty, forward-looking markets should begin to recognize that long-term inflation expectations will likely continue to rise if a fiscal deal can be agreed upon in the U.S.,” write commodity strategists at TD Securities. Gold’s bull market is still intact with capital continuing to look for  shelter from negative real rates. “With election day only a month or so away, gold bugs may not need to look too far into the future to expect a fiscal deal … With an elevated hurdle rate for CTA liquidations limiting the risk of a large-scale liquidation from trend-followers, we think the balance of risks has tilted to the upside once again,” strategists add.

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