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Hansen: My gold trading strategy post Yellen
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Dovish remarks from US Fed chair Janet Yellen, Chinese demand and renewed interest from investors are offering some support to gold after a month of lacklustre performance, according to Saxo Bank’s Head of Commodity Strategy Ole Hansen.
Gold prices have dropped around USD 120 since January 22nd, but price action since Tuesday could signal some near-term consolidation, says Ole. He adds that support has been established towards $1,190 while the first major retracement level of the sell-off should provide resistance at $1,235 ahead of the 200-day moving average, currently at $1,247.