 "Crude oil, OVL, ONGC Videsh")
Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls:
Outlook:
US Dollar index has challenged the top of 97 and since retraced back. The primary reason for retrace back was strength in Pound after positive news of Brexit came. Also, previously Dollar index has faced resistance near 97. Meanwhile, Indian Rupee is trading stronger thanks to weak Dollar. Volatility has increased after a verbal spat between RBI and government. USDINR is still not out of the woods but weak crude oil price is giving support to our currency.
Technically, gold bulls have the slight near-term
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