Commodity Prices- Crude Oil Prices in red because of demand worries due to Virus cases Increases.
Optimism on Monday had been based on strong growth in U.S. pending home sales, bolstering belief that global fuel demand is rising steadily as major economies reopen after coronavirus lockdowns.
Crude Oil prices are in Range 35-40$ ,if its sustains above or below range levels or closing then it will be confirmed one sided trend.
A preliminary Reuters poll showed analysts expect U.S. crude oil stockpiles fell from record highs last week and gasoline inventories decreased for a third straight week.
On the Supply side ,Libya will start its oil production which was blockaded since January amid a civil war.
Libya can Produce 1% of global oil production prices will be in pressure .
WTI Crude oil Trading at 39.47$.
Brent Crude oil Trading at 41.67$.
Mcx Crude oil Trading at 2980.
Commodity Prices- Gold Currently Trading at 1782$ per Ounce trying to touch 1800$.
Gold stayed within striking distance of the $1,800 per ounce target on Monday, with the safe-haven crowd keeping the yellow metal in positive territory despite an unexpected ramp up in risk by investors shrugging off some of their fears over the Covid-19.
The dollar, a contrarian trade to gold, was up 0.07% at 97.472, measured by an index pitting the greenback against a basket of six currencies.
Mcx Gold currently Trading at 48275.
Gold Rate Today
22 Carat gold Rate today 45760 per 10 gm.
24 Carat gold Rate today 49910 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3110 bullish and may touch 3200/3280 today & Below 2890 its Bearish and may touch 2850/2800.
Mcx Gold above 48511 bullish and may touch 48700/48900 & below 47977 may touch 47720/47550.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.