DAILY COMMODITY MARKET STRATEGY-23 July 2015

BULLION

Gold August and Silver September futures have advanced 0.5 percent in early trade each at $ 1,097 and 14.803, respectively.Platinum October contract has spurted almost a percent at $ 988.85.

Resistance for Gold August is towards Rs 25,000 and Rs 25,100. Supports in Gold towards Rs 24,800 are active. Gold price tested a high of Rs 24,811 per 10 grams on 22 July 2015 and a low of Rs 24,572 per 10 grams.

ENERGY

Crude Oil August and Brent Oil September series have gained 0.3 percent each at $ 49.32 and $ 56.13, respectively.Natural Gas August delivery is slightly down at $ 2.888.

Crude oil moved below Rs 3,200 per barrel in the intraday session. Crude Oil has been in a higher lows and lower highs pattern. Crude Oil ended at Rs 3,197 per barrel on 22 July 2015 against Rs 3,235 per barrel on 21 July 2015.

BASE METAL

Copper September contract has added 0.3 percent at $ 2.438.MCX Copper June expiry contract lost ground for session ending 22 July 2015. A decline below Rs 350 is causing the pain in prices to aggravate as this marks free fall from psychological barrier.

On Thursday trading gains are expected to get resisted at Rs 348 and 350 per kg. Meanwhile support for Copper August is at Rs 342 and Rs 340 per kg.

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