Gold’s downtrend signals are firm despite the recent short covering rally. Economists at TD Securities expect the yellow metal to remain in a bear market regime.

Gold distrust Fed pivot

“Trend signals in the yellow metal are pointing to a strengthening downtrend, which clash against market hopes of a Fed pivot amid cooling inflation.”

“As long as gold remains below $1,890 before year-end, participants should distrust a regime change in gold prices associated with a pivot in Fed policy.”