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Published on 3/03/2021 11:16:13 AM | Source: ICICI Direct

We expect gold prices to consolidate in the range of Rs. 45200-46200 levels in the short-term - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices started Tuesday’s trade on a weak note opening lower with a gap and recovered gradually during most of the session till a high of | 45650

* Prices have recovered slightly in the last session as US Treasury yields eased and offset pressure from a stronger dollar

* Overall, we expect gold prices to consolidate in the range of | 45200-46200 levels in the short-term

 

MCX Gold Daily Chart

 

Energy Outlook

* Crude oil prices opened slightly lower on Tuesday and recovered gradually in most of the session till a high of | 4507

* Prices remained weak in the last few sessions as investors unwound long positions on concerns that Opec may agree to increase global supply in a meeting this week and Chinese demand may be slipping

* Therefore, we expect crude prices to correct further from current levels towards | 4350 level in the short-term

 

MCX Crude Oil Daily Chart

 


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