Fell further during the first half of the session till a fresh two months low of 4846 - ICICI Direct
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Bullion Outlook
* Gold prices started Monday’s trade on a weak note opening sharply lower with a gap and fell further during most of the session till a fresh four-month low of | 45815
* Prices fell sharply in the last two sessions after a strongerthan-expected US jobs report fuelled expectations that the Federal Reserve may start paring back massive monetary stimulus soon
* Hence, we expect gold prices to fall further towards | 45300 level in the short term
Energy Outlook
* Crude oil prices opened sharply lower with a gap on Monday and fell further during the first half of the session till a fresh two months low of | 4846. However, prices did not sustain at lower levels and recovered gradually in the remaining session till a high of | 4979
* Prices have been falling sharply since last week as a Covid-19 resurgence across the globe raised concerns about the shortterm demand outlook
* Therefore, we expect crude prices to remain weak towards | 4800 level in the short-term
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