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Oil Rally Cools, Gold Shows Below 200-DMA

COMMODITIES

The firm rally in WTI and Brent crude futures cooled Wednesday, settling slightly lower after touching new cycle highs in early Asia-Pac trade. Prices Thursday show no signs of picking up further with markets broadly flat ahead of the COMEX open.

Spot gold is softer early Thursday on stimulus hopes for the incoming Biden administration, pressuring prices below the 200-DMA of $1842.68. A close below would be the first since late November, and would open $1817.49, the 2021 low as the first downside target.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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