Crude oil down as Big Build in Crude inventories,Gold above 1850$ on record high after 9 years.

commodity live news

Commodity Live News- Oil was down on Wednesday morning in Asia as the American Petroleum Institute reported a build in crude inventories.

The API estimated on Tuesday a build in crude oil inventories of 7.544 million barrels for the week. This build-up in inventories put downward pressure in oil prices.

Also dampening investor sentiment was the worsening COVID-19 situation in the U.S., which recorded over 1,000 deaths in a 24-hour period for the first time since June on Tuesday with deaths now rising again in 21 states and the countrywide death toll closing in on 142,000.

Crude’s rally hit a brick wall after the API report showed a sharp rise in stockpiles and on President Trump’s warning that the coronavirus pandemic in the U.S. is likely to worsen.

WTI Crude oil Trading at 41.72$.

Brent Crude Oil Trading at 44.15$.

Mcx Crude Oil Trading at 3120.

Commodity Live News-Gold prices surged higher rising 1.3% and is poised to test higher levels. The surge came as the dollar tumbled and US yields moved lower.

The EU finalized its recovery package which helped buoy the Euro paving the way for higher commodity prices. Metals as well as oil were buoyed by the decline in the greenback.

Gold prices finished at 8-year highs and continue to trend higher. Target resistance is now seen near the August 2011 highs at 1,912.

Mcx Gold almost near 50000,Once break 50000 may toch 52000/55000 in coming days.

Gold Rate Today

22 Carat Gold Rate Today is 46510 per 10 gm.

24 Carat Gold Rate Today is 50710 per 10 gm.

Today ‘s Trend For Crude oil & Gold.

Crude oil above 3198 bullish and may touch 3250/3300 today & Below 3050 its Bearish and may touch 3000/2950.

Mcx Gold above 49931 bullish and may touch 50150/50400 & below 49123 may touch 48950/48850.

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

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