We expect crude prices to correct further towards Rs. 5300 level in the short-term - ICICI Direct
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Bullion Outlook
* Gold prices started Thursday’s trade on a flat note and consolidated during most of the session in the range of | 48200-48400 levels
* Prices have been rising gradually in the last few sessions after US Federal Reserve Chair Jerome Powell played down fears of the early easing of monetary support, sending the dollar and US Treasury yields lower
* Therefore, we expect gold prices to remain positive towards | 49000 level in the short-term.
Energy Outlook
* Crude oil prices opened lower with a gap on Thursday and consolidated during most of the session in the range of | 5330- 5430 levels
* Prices have been correcting sharply in the last two sessions as a build-up in US fuel inventories and a potential Opec+ agreement to increase supply cooled a buying spree that had pushed the market above $75
* Hence, we expect crude prices to correct further towards | 5300 level in the short-term
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