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Published on 20/10/2020 12:02:06 PM | Source: ICICI Direct

Crude oil prices opened slightly lower on Monday and rose gradually during most of the session - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices started Monday’s trade on a flat note and rose strongly in the first half of the session till a high of | 50940. However, prices did not sustain at higher levels and fell slightly during the remaining session till a low of | 50590

* Prices have been consolidating in a narrow range in the last few sessions as a deadlock over a Coronavirus stimulus package before the November 3 elections sent traders on a see-saw about the metal’s demand as a hedge against inflation

* Hence, we believe gold prices will consolidate in the range of | 50400-50900 for the short-term

 

Energy Outlook

* Crude oil prices opened slightly lower on Monday and rose gradually during most of the session till a high of | 3050

* Prices have been consolidating in a narrow range in the last few sessions as Opec+ nations pledged to cut oil production if needed to support oil prices. However, surging Coronavirus cases remained a major concern about fuel demand outlook and pressurised prices

* Hence, we expect crude prices to remain in the range of | 2930- 3030 levels for the short-term

 

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