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Hansen: What's up with gold and where's it headed next?
There's been a significant drop in demand for physical gold, notably in China and India. It's also trading in its narrowest range for seven years. Yet, there's been a steady investment flow into ETFs, or 'paper' gold. So what's going on and where's gold headed?
Ole Hansen, Saxo Bank's Head of Commodity Strategy, says chart trend lines show how the market's being capped and we need to break either on the down or the upside to reignite interest in the precious metal. The strength of the dollar could be key in precipitating a breakout, he says. Any escalation in the Ukraine crisis could see gold push above USD 1,300 and uncertainty surrounding the European elections could also help gold higher.
02:32 minutes
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