Crude Oil in Range 42-43$ no any confirm Trend,Gold very Volatile movement not Sustainable above 2020$ may go deep red today.

global commodity market

Global Commodity Market- Crude Oil in Range 42-43$ no any confirm Trend,its moving sideways in range bond.

Oil was mixed on Wednesday morning in Asia, with the American Petroleum Institute (API)’s prediction of a draw in crude oil supply overshadowed by ongoing concerns over U.S. fuel recovery.

API on Tuesday reported a draw of 4.264 million barrels for the week ended August 14, beating forecasts of a 2.9 million-barrel draw.

But some investors raised concerns about U.S. fuel recovery, with the U.S. Congress still unable to reach a consensus on the latest stimulus measures to get economic recovery from COVID-19 on track.

Investors are now looking to OPEC’s joint ministerial monitoring committee (JMMC), scheduled to take place later in the day after the meeting was postponed from the initial August 18 date. OPEC+ members are due to review adherence to output cuts.

Russian Energy Minister Alexander Novak is expected to join the video meeting, despite having tested positive for COVID-19 on Tuesday.

WTI Crude Oil Trading at 42.72$.

Brent Crude Oil Trading at 45.20$.

Mcx Crude Oil will open near 3185.

Global Commodity Market-Gold Trading very Volatile as its gone above 2020$ but not able to sustain there and again fallen down but trading abpve 2000$.

Fears that bulls were all wrong about their “higher and higher” calls for the shiny metal were disproved Tuesday as futures on Comex broke above $2,020 an ounce the first time in a week. 

But before the safe-haven crowd could really celebrate, the market fell $35 intraday, reaching a session low of $1,985. It briefly revived memories of last week’s “Black Tuesday” drop of 5% and swing of nearly $130 on the day.  

Yet, the day still ended well for gold bugs as futures and spot prices of the metal for immediate delivery rose about 1% each, adding to Monday’s gain of 2% or more.

The U.S. Dollar Index also  slumped for a second straight day, reaching as low as 92.11. The Federal Reserve is due to release on Wednesday its July meeting minutes that could be more dovish for the dollar. Analysts have said a snap below 92 on the Dollar Index could trigger a volley of new buying in gold. 

Silver, the second top draw in precious metals, got another ride up Tuesday on the back of the rally in gold, though its gains this time were modest.

Mcx Gold closes above 53500 will open in Red.

Gold Rate Today

22 Carat Gold Rate is 50760 per 10 gm.

24 Carat Gold Rate is 55280 per 10 gm.

Today ‘s Trend For Crude oil & Gold.

Crude oil above 3242 bullish and may touch 3290/3340 today & Below 3143 its Bearish and may touch 3020/2940.

Mcx Gold above 54922 bullish and may touch 55100/55500 & below 52222 may touch 52100/51900.

For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.

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