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Free AccessWTI, Brent Lower as Multi-Decade High Overbought Condition Weighs
After hitting new cycle highs in Asia-Pacific hours, WTI and Brent crude futures moderated into the close to nurse small losses on profit-taking, position squaring and hopes that inclement weather conditions in the southern US states should abate at the weekend.
The moves coincide with overbought conditions reaching a new extreme - the WTI crude futures RSI hit the highest level since the 1990 oil price shock, which saw prices double over the course of a few months.
Gold and silver shrugged off both a weaker global equity market as well as the softer USD to trade in the red ahead of the Thursday close, with silver the laggard. Clustered support at and around $26.84 should provided some support ahead of any test on the 50-dma at $26.14.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.