• Gold probably remains uptrending until late Q3 at least, and most likely into Spring next year. Our upside targets suggest that it could reach up towards 2’200 USD/oz by then.
• This uptrend could be quite linear as the triggers for a large correction are probably absent for now: 1. the US Dollar probably continues to weaken,
2. Interest rates probably remain under downside pressure, and
3. the risk of a strong cross-asset deleveraging spree is probably limited, given that Credit markets are backstopped.