Crude oil in Red as OPEC and its allies agree to loosen oil supply curbs,Gold in Range trading above 1800$.

Mcx Live Spot Price- Crude oil in Red as OPEC & its allies agree to loosen oil supply curbs.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic.

OPEC+ has been cutting output since May by 9.7 million barrels per day, or 10% of global supply, but from August, cuts will officially taper to 7.7 million bpd until December.

This Week Data from the Energy Information Administration showed U.S. crude inventories fell 7.5 million barrels last week, shrinking much more than the 2.1 million-barrel drop expected by analysts in a Reuters poll.

Despite the official OPEC+ accord, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.1 million-8.3 million bpd, more than the headline number.

That’s because countries in the grouping which over-produced earlier this year would compensate by making extra August-September cuts, the minister said.

The oil prices are expected to remain static as an increase in crude processed by refineries is likely to offset higher supply volumes.

WTI Crude Oil Trading at 40.90$.

Brent Crude Oil Trading at 43.55$.

Mcx Crude oil will open near 3070.

Mcx Live Spot Price- Gold in Range trading above 1800$,Gold prices moved higher on Wednesday and closed at fresh 8-years highs, despite a better than expected US industrial production report.

The dollar moved lower but settled off session lows which paved the way for higher gold prices. US yields were mixed, as the curve flattened with the 2-year yield moving higher and the 10-year edging lower.

Industrial production—rose 5.4% in June month over a month according to the Federal Reserve. That was a bigger increase than the 4% rise anticipated. 

Gold prices closed at session highs and hit a fresh 8-year high. The opening price was near the close which is a sign of indecision.

Medium-term momentum is positive to neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.

Short term momentum has turned positive as the fast stochastic generated a crossover buy signal.

The current reading on the fast stochastic is 85, above the overbought trigger level of 80 which could foreshadow a correction.

Gold Rate Today

22 Carat Gold Rate Today is 46500 per 10 gm.

24 Carat Gold Rate Today is 50700 per 10 gm.

Today ‘s Trend For Crude oil & Gold.

Crude oil above 3146 bullish and may touch 3180/3200 today & Below 3041 its Bearish and may touch 2970/2850.

Mcx Gold above 49544 bullish and may touch 49650/49800 & below 48774 may touch 48650/48550.

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

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