MCX crude oil prices declined 1.24% taking cues from international prices - ICICI Direct
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Bullion Outlook
•MCX gold prices rose 0.36% taking cues from international gold prices. Prices opened lower with a gap and made a low of | 46512. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 46990
• Gold prices are expected to trade with a negative bias on strong dollar. Further, market participants are worried rising inflation and continued growth in labour market may prompt Federal Reserve to begin tapering its monetary stimulus soon. Investors will take cues from unemployment claims data
• Hence, we expect gold prices to trade in the range of | 46500- 47100 levels during the day
Energy Outlook
• MCX crude oil prices declined 1.24% taking cues from international prices. Prices rose gradually in the early trading session till a high of | 5956. However, prices did not sustain at higher levels and declined in remaining session till a low of | 5775
• Crude oil prices are expected to trade with a negative bias on a strong dollar and risk off mood globally. Further, a rise in crude oil stockpiles will hurt prices
• Therefore, we expect crude prices to correct towards | 5700 level for the day
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