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Oil Rally Fades, Gold Trades Heavy

COMMODITIES

The fearsome oil rally posted over the past fortnight is showing the first signs of stalling Thursday, with WTI and Brent crude futures prices lower for the first session in 10. Declines are very mild so far, and there's relatively little risk of a material reversal just yet, but today's price action shows the market isn't quite one-way.

Gold slipped in late US trade, with prices slipping through both the Wednesday and Tuesday lows to extend the gap with nearest upside target at the 200-/50-dmas. Next support flagged by MNI tech at the Feb 8 lows of $1807.90. USD strength and equity sentiment remain key for the precious metals outlook headed into the Friday session.

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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