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