GOLD: Update On Our Bear Case

*Bearish pressure on Gold sustains on near-term fundamentals 
*Retain medium-term target price of US$1,400/oz
*A meaningful uptick in equity and FX risk levels would demand reassessment

This video is a follow-up on our Gold: US-China Lull To Drive Gold Down? video posted a fortnight ago. We continue to maintain a short-term bearish view on Gold based on a number of fundamental drivers. Of course, while these fundamentals are subject to change, we think the confluence of 1) a pause in the Fed's cycle; 2) US Dollar strength; 3) low equity and FX volatility; and 4) sideways US-China trade negotations, will continue to mount bearish pressure on Gold in the near-term. We target US$1,400 levels as seen in the video but remain wary that if equity and FX volatility levels tick higher, we would then need to reassess our base case.