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Gold Nurses Further Losses, Oil More Stable

COMMODITIES
  • Gold prices suffered sharp losses after the Wednesday Fed decision, and precious metals remain weaker across the board ahead of the NY open. Spot gold is testing the $1800/oz support, and a break below opens losses toward the 100-dma at $1796.2, the first downside level.
  • Oil prices stabilised somewhat after WTI hit new cycle highs mid-week. This keeps directional parameters unchanged for now at the $73.20/bbl level, the 3.236 proj of Mar 23 - 30 - Apr 5 price swing.
  • Focus turns to the weekly US jobless claims numbers as well as the June Philly Fed index.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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