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Oil prices hold near seven-month lows, glut keeps dragging

Last Update 10:00 AM | 21.07.2017

Crude rallied to $47.55, a two-week high, from $46.67 following the EIA inventory data which showed a 4.7-million-barrel fall in crude stocks. The street had been expecting a 2.5-million-barrel decrease, though the API reported a surprise 1.6 million stock build after the close on Tuesday. Meanwhile, gasoline supplies, seen down 0.5 million barrels actually fell 4.4 million barrels, while distillate stocks were down 2.1 million barrels, versus expectations for a 1.0-million-barrel fall. Refinery usage fell to 94.0% from 94.5%. The bullish report was only able to hold up crude oil until mid-morning, but prices reversed closing near the lows of the session.

Source: www.fxempire.com


Gold Inches Higher After 5-Wk Low As Dollar Gains On Rate Hike Views

Last Update 10:00 AM | 21.07.2017

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom at $1204.00 on July 10.The momentum will continue to trend higher if buyers can take out yesterday’s high at $1244.10. Upside momentum may eventually lead to a test of the next main top at $1260.00. The main range is $1260.00 to $1204.00. Its retracement zone at $1232.00 to $1238.60 was the primary upside target. However, buyers were able to cross to the strong side of this zone on Tuesday so now it is new support. If the rally continues then we could reach the major retracement zone at $1251.40 to $1262.60. Inside this range is the $1260.00 main top.

Source: www.fxempire.com


Silver! Metals Stocks Are Not Done Going Up

Last Update 10:00 AM | 21.07.2017

When we last looked at silver prices on Thursday, this is what we had to say: “We’ve seen one bounce already in the near-term downtrend turn lower and the bounce we are seeing now, while a bit more powerful than the first bounce, still smacks of corrective price action, not of a low. We’re coming up on the low from May as resistance in addition to the trend-line off that June 6 peak.”

Source: www.dailyfx.com


Govt raises gold-buying price

Last Update 10:00 AM | 21.07.2017

Gold prices have increased by Rs 400 per tola (11.66 g) as the new prices have been observed to be Rs 51,700 per tola. It was already on the cards as gold prices soared by $7 and rose to $1269 per ounce in the international market. The Saraf Jewelers Association has confirmed the renewed prices as 10 gram gold was reported to rose to Rs 44,314.

Source: www.investing.com


EUR/USD likely poised for further breakdown on dollar rebound

Last Update 10:00 AM | 21.07.2017

After the strongest growth observed since last Friday, when disappointing data on inflation in the US were published, yesterday the EUR/USD pair was declining. Its decline was mainly due to profit taking in long positions on the eve of today's ECB meeting. With the opening of today's trading day, the pair EUR/USD is trading in the range near the level of 1.1520. The further dynamics of the pair will directly depend on today's decisions of the ECB and comments of ECB President Mario Draghi.

Source: www.fxstreet.com


PSX commences week on negative note

Last Update 10:00 AM | 21.07.2017

KSE 100 decreased 359 points or 0.79% to 45060 on Thursday July 20 from 45419 in the previous trading session. Historically, the Pakistan Stock Market (KSE100) reached an all time high of 52876.46 in May of 2017 and a record low of 538.89 in June of 1990.

Source: www.tradingeconomics.com

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