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Hansen: Gold will struggle to find friends
With talk of less QE in the States and a diplomatic breakthrough in Iran, gold continues to trade near four month lows. Ole Hansen, Saxo Bank's Head of Commodity Strategy, says that despite a small bounce over the past few days the metal really doesn't have much support and he could easily see it drop to $1,200 / oz. However, it's being reported that production cuts could kick in at that level which may provide support at that level and bring about what's being called a "new equilibrium".
Oil too has been falling. however Ole stresses we're not going to be seeing any extra oil from Iran flowing any time soon. The sell off we've been seeing is probably just going to be temporary. Ole discusses the support and resistance levels he's looking at.
01:17 minutes
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