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Oil Drifts Amid Lack of Macro Cues

COMMODITIES
  • WTI and Brent crude futures traded in minor negative territory Monday, but there remained a distinct lack of market or macro cues to drive prices convincingly in either direction.
  • This keeps the technical outlook unchanged, with Brent still vulnerable following last week's downleg. The focus is on $71.24, the Jun 17 low. Gains are considered corrective. WTI has also cleared its 20-day EMA last week and attention turns to $69.54, Jun 17 low.
  • In the precious metals space, Gold saw weakness in early US trade, pressuring the price down to $1791.68/oz before recovering. This keeps gold on a firmer tone, with attention on the 50-day EMA that intersects at $1814.1. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline.

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