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Published on 5/08/2020 11:19:05 AM | Source: ICICI Direct

WTI crude price is trading near its major hurdle around $43-$44 for the last few weeks - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullions Outlook

* Gold prices are expected to continue this rally from these levels as prices have broken and settled above its psychological mark of $2000

* Precious metals are supported by lower interest rates and safehaven buying on concerns Federal Reserve’s policy and government stimulus are debasing the currency. The key US data point of the week will be Friday’s jobs report for July from the Labor Department

* On MCX, we expect gold prices to rise further from these levels towards immediate target of Rs. 55500.

MCX Gold

 

Energy Outlook

* WTI crude price is trading near its major hurdle around $43-$44 for the last few weeks. Prices remained under pressure due to concerns of a fresh wave of Covid-19 infections elsewhere in the world will hamper demand recovery just as major producers ramp up output

* We expect prices to fall towards immediate support around $39.5. US stockpiles data will be released today for further signs of economic demand in world’s biggest crude consumer

* On MCX, we expect crude prices to correct from these levels towards immediate support around Rs. 2980

MCX Crude Oil

 

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