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Published on 21/10/2020 1:05:20 PM | Source: ICICI Direct

Gold prices opened slightly lower on Tuesday and recovered strongly during most of the session - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices opened slightly lower on Tuesday and recovered strongly during most of the session till a high of | 50940

* Prices have been recovering gradually in the last few sessions on increasing hopes of a new US Coronavirus relief package ahead of the November elections

* Hence, we expect gold prices to rise further towards immediate resistance of | 51200 level in the short-term

 

Energy Outlook

* Crude oil prices started Tuesday’s trade on a flat note and rose strongly during most of the session till a high of | 3050

* Overall, prices have been consolidating in a narrow range in the last few sessions as a surprise climb in US crude stockpiles added to concerns about a global supply glut as a spike in global Covid19 cases fuelled demand fears and production returns in Libya

* Therefore, we believe crude will remain in a range of | 2980-3050 levels in the short-term

 

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