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Crude Holds Bulk of Week's Gains

COMMODITIES
  • A number of tailwinds continue to support oil markets this week, with a softer greenback and a larger-than-expected draw in DoE reserves helping prices higher to Wednesday's $83.10/bbl - the highest print since early November. WTI futures remain in an uptrend and the contract traded higher yesterday. The rally has resulted in a break of the key resistance at $82.13,Oct 25 high to confirm a resumption of the broader uptrend. The focus is on $83.71, 1.618 projection of the Dec 2 - 9 - 20 price swing.
  • Gold, on the other hand, traded higher again yesterday. The yellow metal has managed to remain inside its bull channel drawn from the Aug 9 low - last Friday's low of $1782.8 and the recovery from this level means the channel base provided support. The focus is on key near-term resistance at $1831.9,Jan 3 high.

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