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Hansen: Gold needs the FOMC out of the way

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There’s been a change in sentiment for precious metals over recent weeks and in particular gold as bullish bets have been building. Saxo’s Ole Hansen says the speculative position in gold and silver is elevated, leaving it a little vulnerable.

No wonder then that the market is focusing on Wednesday’s Federal Open Market Committee (FOMC) meeting. Although few believe rates will be hiked this time round, Hansen notes that both gold and silver have drifted lower this week. Once the FOMC is out of the way, he believes gold may make another attempt to move to the upside.

Ole also discusses key levels to look out for.