$4,075/oz gold is now in play, and the price will need to challenge $4,600 before bullish momentum resumes – Saxo Bank’s Hansen | Metals Mine

  • $4,075/oz gold is now in play, and the price will need to challenge $4,600 before bullish momentum resumes – Saxo Bank’s Hansen

    From kitco.com

    Gold is trading firmly below its 200-day moving average as labor market strength and rising inflation reinforce the higher-for-longer rate narrative, which are supporting bond yields and the dollar, with $4,075/oz gold now in play, but long-term fundamentals remain supportive, according to Ole Hansen, head of commodity strategy at Saxo Bank. In a new update published Tuesday, Hansen noted that gold’s slide below the 200 DMA constitutes an important setback that goes beyond technical damage. “While the long-term bullish case remains intact, the market is currently being driven by a very different set of forces,” ... (full story)

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