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Hansen on crude's tough start to the year
It's been a tough start for commodities this year. Oil has gained a little this Friday after a surprise ten percent drop since late December. The downward trend in gold remains in tact. That's all according to Saxo's Ole Hansen who tells us how he's playing commodities over the coming days.
On WTI, he says there will no doubt be some sellers into rallies and he's looking to to be one of them. He says we're setting up for a range between USD 90 and 95 a barrel.
Gold, says Ole, is the "surprise package" at the moment having had a strong start to the year. Physical demand for coins and bars is high, he says, but we still have "significant resistance" abover the $1,250 level.
Coffee has been finding support and it's been one of the best performing commodities of the year. Ole says the global outlook has changed in the past few months from a surplus to a possible deficit and that's supporting the price.
01:51 minutes
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