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Hansen: Oil bulls are charging while gold sits on the fence

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It’s been another action packed week for oil as a dramatic rally in prices continues, says Saxo Bank’s Head of Commodities Ole Hansen. The oil bulls are charging after renewed bombing in Yemen and signs of a slowdown in US production.

Meanwhile gold is having a hard time figuring out which leg to stand on, Hansen says. Despite support from weak economic data and the US dollar, the price of gold remains stuck in the 1184-1209 range, and Hansen is concerned that any break will be lower.