TD Securities said precious metals, led by gold, have struggled to attract buying interest as elevated probabilities of further Federal Reserve rate rises keep real yields high and cap upside momentum. Commodity Trading Advisors are positioned with a small net short, while TD’s scenario modelling suggests prices are likely to remain range-bound under most outcomes. The bank’s analysis linked the near-term outlook to energy markets and geopolitical risk. If renewed talk of a potential Iran deal helps restrain oil prices, TD indicated that a move towards the next downside triggers just below the key $4,000/oz level ... (full story)