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Oil Trades Firmer, Topping Technical Resistance

COMMODITIES
  • Oil markets traded well Thursday, with WTI and Brent crude futures both higher by over 2%. Buoyant equity markets may have contributed, with a burst of demand following the break of the August 30 high and 50-dma (which had previously contained price action) at $69.59. This opens gains toward
  • Precious metals traded lower despite the underperformance of the greenback. Silver was the notable mover, with markets unwinding the strength seen during the Wednesday session. Nonetheless, silver remains in the modest recovery uptrend seen off the early August lows, keeping markets on track to test 50-dma resistance at $24.90.
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