Saxo Group Videos

#saxostrats - Golden opportunities for selling

Saxo Bank's Head of Commodity Strategy Ole Hansen has spotted a trade in Gold after the precious metal recovered back above 1200 following another failed attempt to break below 1150 back in March.

The move higher has been triggered by weaker than expected US economic data which has put backward the timing of the first US rate hike. Hedge funds held a near record short futures positions ahead of this latest rally and with ETP holdings continuing to see a reduction the main driver seem to have been short covering.

Ole is looking to sell gold ahead of the resistance zone between 1225 and 1232 with a downside target of 1195.

01:28 minutes
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