Here's why Bhavik Patel of Tradebulls thinks Brent crude may hit $80 soon

Crude oil prices are above their daily 5, 8, 13, and 21 day moving average envelope, which is in bullish sequential order

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Crude oil demand is expected to increase with more economies opening up

Bhavik Patel Mumbai
The two primary forces which had propelled gold prices above the psychological number of $1800 are still dominantly in play. These are dollar weakness and an uptick in inflation which are greatly affecting treasury yields and in turn the sentiment in gold. Although there is recovery from recession caused by the pandemic at different stages worldwide, rising inflation is adding a new twist to our economic recovery. The dollar index has been in a defined downtrend since the end of March which correlates directly to the second bottom of gold pricing which occurred at the same time (around $1685 on

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First Published: May 27 2021 | 7:13 AM IST

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