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Oil Up For Sixth Week, Gold Slides On Hawkish Fed

  • Crude oil prices are up 0.3-0.9% today and currently ending the week up 2.0-2.6% for the sixth consecutive weekly gain.
  • Russia-Ukraine geopolitical developments have been mixed today, with Ukraine President Zelensky criticizing the media for making the situation appear worse but later headlines including Russia boosting military readiness with blood supplies.
  • WTI is +0.3% at $86.9 having cleared first resistance of $88.54 before retracing, in a similar pattern to yesterday. Support is seen at $85.01 (Jan 26 low).
  • Brent is +0.9% at $90.15, having earlier cleared two resistance levels and opening $93.89 (2.236 proj of the Dec 2-9-20 price swing) before retracing. Support is seen at $87.79.
  • Gold meanwhile has fallen for the third day running, -0.7% at $1784.8 for a -2.75% drop on the week on Fed hawkishness. It twice tested second support at $1782.8 (Jan 7 low), a clear break of which could open the key support of $1753.7 (Dec 15 low).

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