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Hansen: Trading gold and oil post taper
Expect gold to test new lower levels of support in the coming days. That's the view of Saxo Bank's Head of Commodity Strategy, Ole Hansen, after the US Federal Reserve announced it would start reducing its bond buying programme. Ole says we're looking at the USD 1,180 level and we also have to "contemplate" USD 1,150.
Crude oil rose after the taper announcement and Brent, around USD 110 is back to its average price of the past three years. Further upside above USD 111 / barrel is unlikely for now, says Ole.
The biggest loser in commodities this week before Christmas is robusta coffee. Ole says after recent hefty gains, the psychology of the market has changed and he explains why.
01:51 minutes
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