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Gold Finishes Week at Top-End of Recent Range

COMMODITIES
  • Price action was relatively contained Friday, with WTI and Brent crude futures holding within the week's range.
  • JPMorgan joined other sell-side outfits looking for further resilience in energy prices over the winter months as they upped their year-end Brent forecast to $84/bbl from $78/bbl previously.
  • WTI remains below Tuesday's high of $76.67. Dips are considered corrective and a bullish theme remains intact. The recent break of resistance at $73.58,the Jul 6 high and bull trigger confirmed a resumption of the uptrend. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards the psychological $80.00 level further out. On the downside, firm support is seen at $73.58.
  • Gold traded more favourably, with the yellow metal holding close toward the top-end of the week's range, keeping the outlook positive headed into the coming week and - most importantly - the September nonfarm payrolls release.

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