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Oil Strikes New Cycle Highs, Nears Best in a Year

COMMODITIES

Both WTI and Brent crude futures trade well early Tuesday, with both contracts notching up gains of over 1% as they near the best levels in twelve months. A slightly softer USD is only partly responsible, with oil rallying despite technically overbought conditions. Oil markets have resumed their uptrend, but these overbought conditions will be adding to the risk of a near-term pullback.

After suffering late last week, spot gold and silver are inching higher again this morning, with an only tepid recovery in stocks today helping. First tech resistance in gold sits at the 50-day EMA of $1877.30.

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