Last week's rally in gold was only temporary, and more headwinds lie ahead for the yellow metal, according to Andrew Cosgrove, global head of metals & mining research at Bloomberg Intelligence.
"I don't think this is the real breakout. I don't think this is 'the' [equity] selloff. I do think the dollar has more upside. Because of those two main reasons, I don't think this is the real breakout, but I do think it's definitely carving out a good base," Cosgrove told Kitco News on the sidelines of the Mines & Money Conference in Toronto.
Cosgrove added that we have yet to see the highs in the equities market.
"The melt-up is yet to come, even though 2017 kind of looked like a melt-up, I don't think we've seen it just quite yet," he said.