You Are Here: Home >> Business >> Investment >> United States >> Chinese buying could help push gold back to $1,840, Saxo...

Chinese buying could help push gold back to $1,840, Saxo Bank says - Wealth Management

February 19,2013


After reaching $1,800, bullion could make "$100 move very quickly in this market"

Chinese buying could help push gold back to $1,840, Saxo Bank says - Wealth Management

1

Ole Hansen, head of commodities strategy at Saxo Bank says futures prices out of Shanghai for gold on Monday showed near-high records on volumes. That could mean two things, he says: some looking into the market on these levels," or sign of long positions needing to be hedged.

Either way it rolls, investors will be watching. While the financial transaction side of gold is much bigger than the physical demand side, the latter is key for revealing clues on market direction, he says. "It'll be another layer of support if there is the re-emergence of physical buying, jewelry buying, central banks accumulating and taking advantage of these lower levels," says Hansen. ...

Outside of physical buying, he said U.S. budget issues, the Italian election, could also prove catalysts for gold if they get investors running scared for safety. The way Hansen looks at it, investors may not have much to lose by betting on gold. He's looking at a support level of $1,840 an ounce, which he says is still achievable, and while $1,800 was rejected three times last year, once gold gets to that level it could be a "$100 move very quickly in this market."

"We've got easing going on and no near-to-medium reason for not holding and/or getting in," he says.



456

views

PDF Print Email Report

Contact

Richard W Davey Organization

Richard Davey

Featured Sections

Featured News

Explore more in Chinese buying could help...

Users

News

Us

Channels

Partners

Copyright © 2013 Free-Press-Release Inc. All rights reserved.

About UsTermsPrivacyContact Us

Share with your friends

Tell your friends the great news you've just found!



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to your friends.

Contact to the author

Send a message to the author!



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to the author.

Report to Free-Press-Release.com

Report to Free-Press-Release.com



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to the author.