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WTI crude futures extend gains as the...>

COMMODITIES
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.

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