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Gold Falls on Bearish Technical Cues, Oil Prices Eye IEA Report

From dailyfx.com

Crude oil prices swung on Thursday, ending the day timidly to the upside after a wobbly session. Gains in the US Dollar weighed against the commodity as it is typically priced in the Greenback, making oil relatively cheaper. Markets can owe this to weakness in the British Pound as it lost momentum after the UK’s Parliament voted to extend the Brexit deadline of March 29.Intraday losses were offset by the latest OPEC monthly market report, which urged producers to prevent a return of surplus this year. As anticipated, forecasts for world oil demand were trimmed. Slowing global growth may have played a part in this. ... (full story)

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  • Category: Technical Analysis