We expect crude prices to correct further towards Rs. 5400 level in the short-term - ICICI Direct
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Bullion Outlook
* Gold prices opened lower with a gap on Monday and fell further during the first half of the session till a low of | 47477. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47870
* Prices remained sideways in the last few sessions as investors awaited US inflation data and Federal Reserve Chairman Jerome Powell’s testimony this week
* Therefore, we expect gold prices to consolidate in the range of | 47500-48000 levels in the short-term.
Energy Outlook
* Crude oil prices started Monday’s trade on a flat note and fell gradually during most of the session till a low of | 5462
* Prices remained subdued in the last session after an Opec+ meeting was abandoned following a breakdown in talks between key members with the stalemate raising concerns that the group’s unity may fracture and lead to a price war
* Hence, we expect crude prices to correct further towards | 5400 level in the short-term
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