WTI crude futures extend gains as the...>

COMMODITIES: WTI crude futures extend gains as the 200-dma at $61.63 continues

to provide support, prompting bulls to turn attention to the multi-month highs

printed this week at $62.99/bbl. Progress above here, however, may slow with the

RSI currently sitting in overbought territory at 71.06. The broader commodities

space is mixed, with industrial metals performing poorly alongside their

precious counterparts. Spot gold trades with losses of 0.2% but a firmer break

lower is left wanting after markets failed to cement a close below the 100-dma

yesterday, which currently sits at 1,284.22. The recovery of the post-payrolls

weakness in the USD index continues to place downward pressure on the complex

and any close below the 100-dma in gold would be the first since early November

last year.