Gold is being supported by the weaker US dollar, says Saxo Bank’s head of commodity strategy Ole Hansen, but selling into rallies is likely to prevail unless a clear break above $1,203/oz is seen.

A small change in sentiment may come if a break above $1,203/oz occurs, he explains, adding that the market is taking comfort from key support being held last week at $1,172/oz.

Hansen also explains how gold’s value could be affected by Wednesday’s Opec meeting and Sunday’s Italian referendum.