DAILY COMMODITY MARKET STRATEGY-24 Mar 2015

BULLION

Gold April and Silver May futures are marginally down in early deals at $ 1,186.50 and $ 16.877, respectively.Platinum April delivery has declined 0.4 percent at $ 1,143.50.

MCX Gold April futures consolidated in yesterday's trade at Rs 26,198 owing to subdued trade in NYMEX Gold futures.

The Gold prices are slightly above the 20-DMA (Rs 26,080). Hence, the commodity needs to trade and sustain above Rs 26,080 -odd level to gain further momentum.

The Silver May future is also down 0.2 per cent at Rs 37,690. The commodity has touched an intra-day low at Rs 37,669 and a high at Rs 37,753.

ENERGY

Crude Oil May contract has dropped a per cent to $ 46.98.Natural Gas and Brent Oil May series have moved down 0.3-0.4 percent each at $ 2.763 and $ 55.59, respectively.

The Natural Gas has widened its gains and touched a high of Rs 172.30.Currently, the energy future has gained nearly a per cent at Rs 171.90. The counter has seen trades of around 4,232 contracts on the MCX.

MCX Crude Oil prices are fairly above the lower-end of the Bollinger Band (Rs 2,815). Hence, the commodity is likely to remain positive as long as prices trade above Rs 2,815-odd level.

BASE METAL

Copper May future is trading with heavy losses, the contract has now plunged around 4 per cent to $ 2.795.

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