Mcx App- Crude Oil in Green Because Sharp drop in US weekly crude oil inventories.
Crude Oil demand is improving even as the coronavirus outbreak spreads around the world.
U.S. crude and gasoline stocks declined more than expected last week, while distillate inventories rose, data released by the American Petroleum Institute (API) late on Tuesday showed.
Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a draw of 710,000 barrels.
The Inventory data from the U.S. government’s Energy Information Administration is due out later on Wednesday.
Corona virus continues to spread around the world with ever increasing rates of infection. Cases now total more than 10 million with more than half a million people dying after catching COVID-19.
WTI Crude oil Trading at 39.77$.
Brent Crude oil Trading at 41.70$.
Mcx Crude oil will open near 3005.
Mcx App- Gold Trading on Record high above 1800$ per Ounce.
Gold prices extended a recent rally Tuesday, closing out their best quarter in four years with uncertainty about the economic recovery and ultralow interest rates lifting demand for the haven metal.
Most actively traded gold futures for August delivery added 1.1% to $1,800.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
Prices ended the second quarter up 13%, their biggest quarterly advance since early in 2016. Tuesday’s close marked gold’s first close above $1,800 since September 2011.
Mcx Gold also closes above 48700,which may touch 49000/49500 in coming trading session.
Gold Rate Today
22 Carat Gold Rate Today is 45680 per 10 gm.
24 Carat Gold Rate Today is 49830 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3075 bullish and may touch 3120/3180 today & Below 2955 its Bearish and may touch 2850/2800.
Mcx Gold above 49217 bullish and may touch 49400/49500 & below 48308 may touch 48180/47950.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.