Gold prices started Monday`s trade on a strong note opening slightly higher - ICICI Direct
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Bullion Outlook
* Gold prices started Monday’s trade on a strong note opening slightly higher with a gap and rose further during the first half of the session till a high of | 47784. However, prices did not sustain at higher levels and corrected gradually in the remaining session till a low of | 47452
* Prices remained sideways in last few sessions as investors turned their attention to the Federal Open Market Committee’s meeting this week
* Overall, we expect gold prices to trade within the range of | 47300-47800 levels in the short-term
Energy Outlook
* Crude oil prices opened lower with a gap on Monday and fell further during the first half of the session till a low of | 5268. However, prices did not sustain at lower levels and recovered gradually in the remaining session till a high of | 5390
* Prices traded in a narrow range in the last few sessions as investors assessed the outlook for demand amid a Covid-19 resurgence
* Therefore, we expect crude prices to consolidate in the range of | 5250-5400 levels in the short-term
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