Have we entered into summer trading? Gold prices are anchored to the $1,850 range and strategists at TD Securities expect the yellow metal to trade close to this level.

Summer trading has officially begun

“XAU/USD is anchored to the $1,850 range, which previously housed substantial open interest in options markets, while quantitative tightening has begun and the market has discounted the Fed's aggressive path of rate hikes on the horizon.”

“Summer trading has officially begun, which suggests prices could remain range-bound near $1,850, but the set-up remains for additional liquidations on the horizon.”