Prices held below the key psychological level of $1,800 - ICICI Direct
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Bullion Outlook
• Gold prices started Wednesday’s trade on a positive note opening slightly higher and prices corrected gradually during the first half of the session till a low of | 46750. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47120
• Prices held below the key psychological level of $1,800 as a buoyant dollar made bullion more expensive for holders of other currency while investors await clues from major central banks on their stimulus tapering measures
• Hence, we expect gold prices to consolidate in the range of | 46800-47200 levels for the day
Energy Outlook
• Crude oil prices opened slightly higher on Wednesday and rose gradually during most of the session till a high of | 5137
• Prices remained supported in the last session as producers in the Gulf of Mexico are still struggling to restart operations nine days after Hurricane Ida swept through the region with powerful winds and drenching rain
• Therefore, we expect crude prices to remain positive towards | 5160 level for the day
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