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Gold, Silver Slip as Equity Outlook Improves Further

COMMODITIES

A firmer outlook for equities and a break of the 100-dma at $1893.71 pressured spot gold prices early Friday, pressing the metal to its lowest level since Dec30. The 50-dma now undercuts as support at $1870.28, which would mark a near 5% pullback from the Jan6 highs.

WTI and Brent crude futures both trade well after a muted session Thursday. Both contracts hit new post-COVID crisis highs, extending the 2021 rally in oil. For WTI, this narrows the gap with the first upside target at the late February highs of $54.50.

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