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Gold Hit Hard as Support Gives Way

COMMODITIES

Despite softer equity markets into the Friday close, Gold came under considerable pressure throughout the day as several key technical supports gave way. Both the 100- and 50-dmas gave way ahead of the close, exposing the key support at the 1838.66 200-dma. Treasury yields remain a key driver for metals at this point, with the rise above 1% in 10y US yields still a focus for precious metals markets.

Both WTI and Brent saw further support into the Friday close as both contracts hit the best levels since February last year. February highs at $54.50 remain the short-term target for WTI.

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