Oil loses its shine this week, Non farm payrolls the focus tonight: Angel Commodities Broking

Views by Mr. Prathamesh Mallya (Chief Analyst - Non-Agri Commodities & Currencies, Angel Commodities Broking):

"Oil prices have gained for most of July, gaining by around 10 percent, while the momentum seems to have lost this week with prices falling in the international as well as domestic market. Supply glut continues to be cause of concern while increasing exports from the OPEC nations will further create bearish sentiments in the counter. Oil price might fall lower towards Rs.3000 mark in the near term.

Weakness in the dollar index, less chance of a rate hike by the US FED this year, and political uncertainty still clouds the precious metals pack. We expect the range bound trade to continue in the coming week also. 29000 would be the cap on the higher side while Rs.28000 would be the lower side of the range.

Gold prices have been very range bound this week trading in a narrow range of $15 while MCX gold prices have been trading in the same manner in the range of Rs.400."

Source : Equity Bulls

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