SaxoTV

Oil spikes, shorting Gold and going with the grain

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Saxo Bank's Head of Commodity Strategy Ole Hansen gives us his weekly round up of the markets, concentrating on oil, gold and crops. 

Oil saw a 6% rise this week after Saudi Arabia launched airstrikes on Yemen but the spike was short-lived and prices fell back. Ole argues that the market reaction simply reflects the usual response to Middle East instability: an initial knee-jerk jump then calm when a conflict flares but doesn't spread.      

Gold has been finding support amid the Yemen crisis and USD weakness but a return of the dollar bulls could lead to a correction and Ole's trade tip is to short gold.

US farmers reveal their planting plans for the year at the end of March with a strong USD appearing to result in a reduction of wheat planting because exports become more expensive to sell.