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A healthy correction in gold is long overdue: Hansen

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While gold has been one of the best market performers so far this year, Saxo's Ole Hansen says he is seeing some consolidation coming in. The January drivers including lowering of interest rate expectations in the United States and market volatility have faded over the past few weeks. But despite this, gold has continued to make new highs, says Hansen. Although there is now some consolidation, no major selling is coming into the market, he explains. 

Ole asks how low can gold go? He looks at the support levels of 1190 and 1200 but warns that a more hawkish tone from the Federal Open Market Committee on Wednesday could hurt the precious metal.