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Hansen: Oil finds some energy while gold hopes to keep its shine

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The energy sector enjoyed its first positive week in a month despite gasoline hitting a 17-year low, says Saxo's Ole Hansen. Negative signals from the Saudi Oil Minister haven't hurt oil markets as much as expected, he explains. That's in part thanks to the fall in US production and the heightened risk of bankruptcies. Hansen discusses key resistance levels in both brent and WTI that could be tested in the coming days.

Gold continues to perform well as investors pile back into ETFs. But Hansen warns that the precious metal is trading with a high negative correlation to falling oil and stock prices. If that reverses, gold could be hit. He looks at levels and why he believes gold is likely to find continued support in the near term.

Ole also discusses the grain market and in particular wheat and corn.