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Hansen: Gold weighs heavy while crude struggles

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Commodities are still being hit hard following Monday's market turmoil, with China continuing to drive weakness.  Many had expected gold, considered a safe haven, to rally as a result but that didn't happen. Instead it reached its lowest level in 16 years.

Saxo's Ole Hansen explains what's going wrong for the precious metal and the levels to look out for from here.

He also discusses crude which also continued to extend its losses. WTI has seen a bounce this Tuesday. But Hansen says that increased supply and the potential slowdown in demand in China makes the upside look limited. He discusses levels but thinks it's a sell on rallies.