Crude MCX Down Side Support at 3010

Crude MCX Down Side Support at 3010

Gold Silver Reports — The rally stalled after the two benchmarks breached the $50 psychological barrier in May amid worries that higher prices will add to production.

Prices had been depressed lately by a glut in motor fuels despite the U.S. peak summer driving season. Meanwhile at the Cushing Oil Hub in Oklahoma, crude inventories rose by 189,000 barrels, defying expectations for a 100,000 decline. Cushing, the main delivery point for NYMEX oil, is the largest storage facility in the US.

Technically market is getting down side support at 3010 and below same could see a test of 2978 level, and resistance is now likely to be seen at 3133, a move above could see prices testing 3178.— Neal Bhai Reports


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