Online Commodity Trading- Crude Oil Trading Flat as Virus Cases Increases in USA.
The ongoing fragility in U.S.-China relations and the move a day earlier by OPEC+ to ease production cuts.
The U.S. hit another all-time record for new cases of Covid-19 with more than 75,000, shattering the previous one-day record of 68,241 set on Friday.
Cases are rising in 41 states, while 25 states have recorded a daily increase in COVID-19 fatalities.
Meanwhile, U.S. China relations are in limbo after U.S. President Donald Trump signed an executive order on Tuesday to end Hong Kong’s preferential trade status.
China vowed retaliatory counter sanctions on Wednesday, and the U.S. is reportedly now considering banning visas for members of the Communist Party of China and their family members.
On Wednesday, OPEC+ eased record-high production cuts. OPEC+ had extended production cuts of 9.7 million barrels per day to the end of July and will, starting in August, move to cut production by 7.7 million bpd. This level of production will stay in place until the end of the year.
WTI Crude oil Trading at 40.74$.
Brent Crude oil Trading at 43.30$.
Mcx Crude oil will open near 3065.
Online Commodity Trading-Gold Down Over New COVID-19 Vaccine Hopes, Continued Stimulus in Europe,gold below 1800$.
Gold was down on Friday morning in Asia over new hopes for COVID-19 vaccines coming out of both the U.S. and U.K., and the European Central Bank (ECB) signaling that it may leave interest rates and stimulus unchanged in the near future.
In the U.S., Moderna announced positive results earlier this week from early stage trials for its COVID-19 vaccine, which developed neutralizing antibodies in the bloodstream of all participants.
U.K. scientists have also reported their own breakthrough.
A trial for a COVID-19 vaccine being developed by researchers at Oxford University involving 5,000 volunteers is currently underway in Brazil.
The Pharmaceutical company AstraZeneca has also agreed to mass-produce the vaccine.
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 3117 bullish and may touch 3180/3200 today & Below 3012 its Bearish and may touch 2970/2850.
Mcx Gold above 49154 bullish and may touch 49250/49400 & below 48392 may touch 48250/48150.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.