We expect crude prices to remain positive towards Rs. 5700 level in the short-term - ICICI Direct
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Bullion Outlook
* Gold prices started Tuesday’s trade on a positive note opening slightly higher and consolidated during the whole session in the range of | 47700-48100 levels
* Prices remained supported in the last session as investors assessed that data was unlikely to trigger a swift monetary policy tightening response from the Fed, providing some support to the non-yielding metal
* Overall, we expect gold prices to consolidate in the range of | 47500-48300 levels in the short-term.
Energy Outlook
* Crude oil prices opened slightly higher on Tuesday and corrected gradually during the first half of the session till a low of | 5505. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 5630
* Prices have been rising strongly in the last few sessions as US crude inventories have declined for seven consecutive weeks to their lowest level since February 2020, signalling increasing strength in the economy
* Hence, we expect crude prices to remain positive towards | 5700 level in the short-term
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