Mcx Commodity Live News – Crude oil all set for positive start in its fourth week of this month.
USA also have cut the ouput from 10 million Barrel to 2 million barrel this month, Next month again set to cut output and will be limited to 1 million Barrel.
The US stockpiles Build up amide Corona Virus Lockdown,and the price war,with the inventories of the USA.
Oil almost Surge by 80% this month almost surprised everyone.
The oil industry will enter a structural phase of no production growth outside of OPEC starting next year.
Goldman Sachs said in a note based on an analysis of upstream projects. OPEC may be required to supply as much as an additional 7 million barrels a day through to 2025 from pre-virus levels.
While U.S. shale will emerge from the current slump as a lower growth and more cash generative industry.
WTI CRUDE TRADING AT 32.05$.
BRENT CRUDE TRADING AT 34.76$.
MCX CRUDE OIL TRADING AT 2430.
Mcx Commodity Live News- Gold Below 1750$ , Trading at 1728$ per ounce.
USA Jobless Claims for the past weeks was very high but this time it was flattening thats why Gold drops below 1750$.
Yesterday almost Gold Dropped around 30$ & Low near 1720$ per Ounce.
Nearly 2.5 million more Americans filed for first-time unemployment claims last week, bringing the total number of U.S. job losses from Covid-19 to around 39 million, the Labor Department said on Thursday.
The latest weekly filings were, however, lower from the previous week’s.
Gold not sustaining above 1760$ Can show Down Correction in Coming trading sessions.
MCX GOLD TRADING AT 46565.
Yesterday Mcx Gold was Dropped Almost 500 Points From Upper Levels and not Sustaining above 47200 levels.
Gold Rate Today
22 carat Gold Rate is 46210 per 10 Gram.
24 Carat Gold Rate is 47210 per 10 gram.
Trends For Today
CRUDE OIL LEVELS FOR TODAY–
TODAY RESISTANCE- R1-2601, R2-2613, R3-2633, R4-2688.
SUPPORT- S1-2525, S2-2512 ,S3-2492 ,S4-2438.
GOLD LEVELS FOR TODAY-
RESISTANCE R1-46725, R2- 46822, R3-46969, R4- 47375.
SUPPORT- S1-46051, S2- 45955, S3-45808, S4- 45404.
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