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Gold: the key levels you must be aware of
A combination of a weak dollar, worse than expected US housing data and the ongoing crisis in Syria has pushed gold above the $1,400 level. According to Saxo Bank’s Ole Hansen, there are now two key figures investors need to watch out for; $1,415 and $1,416.
Ole explains that if the commodity travels to $1,416, it technically re-enters a bull market. This is largely dependent on what happens with regards to tapering in the US. On Friday, a sharp drop in US home sales prompted investors to re-think the potential timing for the unwinding of US stimulus.
But many analysts believe that markets have now started to factor in tapering, and as a result, the positive sentiment towards gold is growing.
Earlier this month, billionaire investor, John Paulson, dramatically reduced his exposure to exchange traded products by 53%, read more about his decision to get out of gold here:
http://www.tradingfloor.com/posts/sell-which-boost-gold-price-1573980612
01:23 minutes
Tags: Lea Jakobiak, autoplay, bull market, commodities, commodity, commodity trading, dollar, economic data, etf, federal, federal reserve, fomc, gold, gold investment, gold price, investment, investors, john paulson, macro, macro economics, news, saxo, saxo bank, saxo tv, saxotv, tapering, trading commodities, tradingfloor.com, us dollar, us economy, us home sales, us housing data, us stimulus, usd, video