TD Research maintains a bullish bias on Gold targeting $2000 over the medium-term.

"Gold prices remain under pressure. The downward adjustment brings the yellow metal below technical support at around $1,795/oz, as the current rate and macro expectations drive physical metal to London to make available for lending and as ETF material from dispositions pushes out GOFO rates higher. However, once the metal from recent dispositions gets absorbed, the big picture is still very conducive to $2,000+ gold," TD notes. 

"Meanwhile, the second wave of covid-19 infections will ravage the economy, assuring that US and indeed global economic activity is below potential for a prolonged period. This implies that the Fed will be forced to continue very simulative policies for a prolonged period, which the market seems to be betting against in recent days. As other economies around the world also start to do better in absolute terms and relative to the US, USD will likely trend lower should trend lower. A weaker USD has traditionally been gold positive," TD adds.