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Trading lower gold, higher oil and the sugar rush
Gold failed to stabilise above its 200-day moving average and fell further this Friday. However, commodities as a whole are finishing the quarter on a strong note and the bull trend looks set to continue, according to Saxo Bank's Head of Commodity Strategy, Ole Hansen.
Gold reached a six week low as safe haven demand dried up and physical demand remains low. It dropped to USD 1,287 on Friday, which is the 50 percent retracement of the 2014 rally.
Decent US data and simmering geo-political tensions continue to support WTI. It reminas comfortably above USD 100 / barrel this Friday. The spread between it and Brent has narrowed and Ole gives his view on how to trade oil over the coming days.
Sugar has shot up in price this week. This is largely down to fears of the El Nino weather system which could have a negative impact on production in several major producing countries later this year.
02:05 minutes
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