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Brent, WTI Stabilise Further, But Week's Highs Out of Reach

COMMODITIES
  • WTI and Brent crude futures both trade higher early Friday, but the bounce remains shallow and the week's highs printed Monday are well out of reach for now.
  • For Brent, this keeps the outlook negative for now, with the move below the 50-day EMA earlier this week looking convincing. This exposes initial support at $66.91 ahead of $65.75.
  • Both gold and silver trade in negative territory, with the modest strength in the USD Index (crossing at the week's highs) weighing on precious metals. Today's Nonfarm Payrolls release could see the tight range in gold tested, with gold pinched between support at $1790 and resistance at the $1834.1 bull trigger.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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