Published on 21/09/2020 11:35:53 AM | Source: ICICI Direct

We believe Crude prices will hold below ₹ 3040 level in the near term - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices opened slightly higher on Friday and prices rose further for most of the session till high of ₹ 51849.

* Prices have been rising gradually since last few sessions as US Fed continued to pledge for the lower interest rates till the time employment reaches maximum level.

* Therefore, we expect Gold prices to rise further from current levels towards immediate hurdle near ₹ 52200 level.


Energy Outlook

* Crude oil prices started Friday’s trading on a positive note by opening slightly higher. However, prices did not sustain at higher levels and corrected gradually for most of the session till low of ₹ 2966.

* Prices have taken strong resistance around ₹ 3040 level as US Gulf of Mexico production returned to normal levels after slight impact from Hurricane Sally along with fuel demand concerns around the world continued to weigh on prices.

* Hence, we believe Crude prices will hold below ₹ 3040 level in the near term.


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