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Precious Metals Buoyed as USD Extends Lower

COMMODITIES
  • Gold and silver held decent gains into the Friday close, with silver outperforming notably to touch the best levels since early August. The Silver rally puts the metal on track to top key resistance at the 50-dma (which contained prices post-NFP) at $24.87. A break north of here opens early August highs and the 200-dma of $25.88.
  • In contrast, the disappointing payrolls release worked against energy markets, pressuring WTI and Brent crude futures into negative territory ahead of the extended Labor Day weekend.
  • Despite the fade off the highs, WTI held the bulk of the Thursday gains, keeping the outlook tilted higher into the Friday close. A break back above $70.61 opens $71.69, and the August highs at $73.52.

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