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Hansen: Will NFPs take the shine off gold?

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January 08, 2016 china, china economy, china gdp, china growth, china manufacturing, china politics, china slowdown, chinese, chinese economy, cny, commodities, commodities markets, commodity, commodity market, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, gold, gold buying, gold commodity, gold demand, gold dollar, gold future, gold investing, gold investment, gold levels, gold market, gold predictions, gold price, gold prices, gold spot, gold support, gold trade, gold trading, goldprice, nfp, nfps, non farm payrolls, non farms, nonfarm, nonfarm payrolls, nonfarmpayrolls, nonfarms, precious metal, precious metal prices, precious metals, preciousmetals, saxo bank, saxo tv, trading, tradingfloor, tradingfloor.com, xau, xauusd
Gold's strong performance so far this year is a repeat of what happened at the beginning of 2015, notes Saxo's Ole Hansen. China has had much to do with the precious metal's rise, as concerns over the dragon continue. The decision by the People's Republic to weaken the Yuan has also helped.

Hansen also points out that we have entered 2016 with the biggest net short in gold futures markets traded in New York. On Thursday XAUUSD breached the first levels of resistance at 1102. Ole discusses the next levels to look out for. But he also warns that a positive nonfarm payroll figure could hurt the precious metal.