Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Crude Oil Recovered On Short Covering

Gold was on course to post a second weekly loss in a row as its vulnerability to dollar strength continued to offset safe-haven demand in the wake of renewed U.S.-China trade tensions. Technically market is under fresh selling as market has witnessed gain in open interest by 0.33% to settled at 6162 while prices down -165 rupees, now Gold is getting support at 30504 and below same could see a test of 30392 level, And resistance is now likely to be seen at 30739, a move above could see prices testing 30862.

The manufacturing business outlook survey from the Philadelphia Federal Reserve showed a business conditions index reading of 19.9 in June, the lowest since November 2016. This compared with 34.4 in May. In seasonally-adjusted terms, the Federal Housing Finance Agency’s (FHFA) house price index, which is based on data from home purchase mortgages bought or securitised by Fannie Mae or Freddie Mac, increased by 0.1% month on month in April, compared with the expected 0.5% and March’s 0.2% after revision.

Crude Oil Recovered on short covering after prices dropped as crude exporters in OPEC appeared to be nearing a deal to increase production.”We need to release supply to the market,” Saudi Arabian Energy Minister Khalid al-Falih told reporters in Vienn. OPEC’s leader Saudi Arabia and Russia were trying to convince fellow oil producers to raise output from July to meet rising global demand.

The U.S. Energy Information Administration said in its weekly report that Natural Gas storage in the U.S. rose by 91 billion cubic feet.That compared with a build of 96 bcf in the preceding week, an increase of 61 bcf a year earlier and a five-year average rise of 83 bcf. Total natural gas in storage currently stands at 2.004 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

Click Here to Know More : www.ways2capital.com

Free commodity tips



This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here

Share the post

Crude Oil Recovered On Short Covering

×

Subscribe to After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down

Get updates delivered right to your inbox!

Thank you for your subscription

×