Commodity News- Crude Oil drops again Because of strong inventory Builds from USA.
Crude Oil Demand also have very Slow ,Prices are not supportive for upside may fall further down.
U.S. crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels – a record.
As imports were boosted by the arrival of supplies bought by refiners.
When Saudi Arabia flooded the market in March and April, data from the Energy Information Administration showed.
Gasoline Stockpiles have increased unexpectedly 258 million per Barrels.
The U.S. Federal Reserve said the world’s largest economy would shrink 6.5% this year and the unemployment rate would be at 9.3% at the end of 2020 in its first projections of the pandemic era.
WTI Crude oil Trading at 38.37$.
Brent Crude oil Trading at 40.60$.
Mcx Crude oil Trading at 2905.
COMMODITY NEWS- Gold Prices Have Massive upside as expected,Current Trading at 1740$ per Ounce.
While it came off its highs, gold’s downside risk was limited by expectations that the Fed was nowhere near to raising rates.
The central bank is due to announce its monetary policy decision for June at 2:00 PM ET, and it is expected to keep interest rates at near zero.
Gold as we Told early that it will go above 1800$ in coming days .
Mcx Gold is also Trading above 47100.
Gold Rate Today
22 Carat Gold Rate today 44250 per 10 gms.
24 Carat Gold Rate today 48230 per 10 gms.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3058 bullish and may touch 3100/3150 today & Below 2870 its Bearish and may touch 2790/2750.
Mcx Gold above 46935 bullish and may touch 47100/47400 & below 46317 may touch 46100/45900.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.