- The gold market continues to hold its ground around $1,950 an ounce and remains in a good position to reignite its long-term bullish uptrend as renewed physical demand injects new momentum into the marketplace, according to one market strategist.
At the same time, Milling-Stanley added that if Chinese stimulus measures can support the nation's economy, he would expect to see healthy physical demand from Asia. "We've had no real momentum in the gold price this summer, but once that momentum picks up, I expect that to drive prices higher. It would be logical to think that momentum can come from a significant rebound in jewelry and consumer demand," he said."After all the time I've been looking at it, gold still has the capacity to take me by surprise with the speed with which it moves up when momentum finally kicks in.
Although the Federal Reserve maintains its aggressive monetary policy stance, Milling-Stanley noted that the central bank also moves closer to the end of its tightening cycle. Although the U.S. central bank is optimistic that it can bring inflation down to 2% without causing a recession, Milling-Stanley said there are still significant market risks.
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