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Hansen: How I'm trading gold, oil and coffee
Gold, silver, platinum and palladium are the biggest commodity losers this week while coffee has shot up in price. Saxo Bank's Head of Commodity Strategy, Ole Hansen, outlines his potential trading strategy for the next few days.
He says he's looking to short gold and sell it on the break below the trend line, around USD 1,237 / oz. Or you could sell into a bounce if it comes. He says silver looks to be a little over-sold.
Both Brent crude and WTI have been creeping up as US refinery demand increases. There's also been some disruption to supply from Libya, Nigeria and Iraq. Ole says he's playing crude "on the long side".
Soft commodities have performed the best with robusta coffee up more than 6% and cocoa is at a two year high. As far as coffee's concerned, Ole suggests there's perhaps been too much short positioning that's built up and that's now been covered, which has led to the big jump.
01:59 minutes
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