18 January 2018 at 15:19 GMT
• Commodities benefit from inflation focus
• Oil market 'working toward a healthier balance'
• 'We maintain a bullish outlook for gold'
By Ole Hansen
Our trade idea for Q1 is to be long gold against WTI crude oil. Gold’s recent underperformance relative to oil has seen the ratio slump to 20.7, a 30-month low. We favour using WTI over Brent given the lower cost (backwardation) of holding a short position in WTI.
Saxo Bank's strategy team is out with their take on world markets for the first quarter of 2018. Download your copy now.