Commodity News Alert-Crude Oil Trading very Flat near 42.50$ ,No any confirm Trend.
Crude prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns.
Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday. The region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output.
“Oil’s gains, however, are likely to be muted as virus uncertainty continues to weigh on the crude demand outlook.”
Also supporting prices was a report by members of the Organization of the Petroleum Exporting Countries and other oil powers including Russia, that oil producing countries in the OPEC+ group that pumped above supply targets from May to July will need to slash output by over a million barrels per day for two months to compensate.
WTI Crude Oil Trading at 42.35$.
Brent Crude Oil Trading at 44.90$.
Mcx Crude Oil will open at 3172.
Commodity News Alert-Gold Trading in Red its trading below 1950$ per Ounce.
Gold Weekly Price Analysis – August 22 The breakup of the two dynamic resistance levels may push up the price to $1,984 which may extend to $2,020 – $2,074.
The Gold price may encounter support level at $1,935, $1,901, and $1,871 provided the price could not break up the dynamic resistance level.
Resistance levels: $1,984, $2,020, $2,074
Support levels: $1,935, $1,901, $1,871
Gold is bearish in the long – term outlook. The metal closed last week at the resistance level of $1,984.
The following trading day, it increases to $2,020 price level with the aim of testing the previous high but the bears defended the resistance level at $2,020 with the formation of daily bearish candle that breaks down $1,935 price level.
The weekly market closed at the same level.
Mcx Gold Closed near 52020 on Friday.
Gold Rate Today
22 Carat Gold Rate Today is 49520 per 10 gm.
24 Carat Gold Rate Today is 54020 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3224 bullish and may touch 3290/3340 today & Below 3086 its Bearish and may touch 3050/3010.
Mcx Gold above 52770 bullish and may touch 52900/53100 & below 51264 may touch 51100/51000.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.