DAILY COMMODITY MARKET STRATEGY- 6 May 2016

BULLION

Gold June future has advanced more than half a percent at $ 1,280 an ounce.Silver July contract has gained 0.4 percent at $ 17.390.Platinum July delivery is marginally up at $ 1,066.

Gold is forming an evening star pattern that is bearish reversal and means that the prices can see further downside. The prices moved below important levels of Rs 30,000 per 10 grams.

ENERGY

Crude Oil June and Brent Oil July series have declined over 0.5 percent each at $ 44.05 and $ 44.77, respectively.Natural Gas June delivery is almost unchanged at $ 2.083.

Crude Oil futures faced gains after fourth consecutive day of declines. The prices have seen downtick in the last four outings from breakout stage which means that the breach of Rs 3,000 per barrel as resistance again gets tough.

BASE METAL

Copper July future has added 0.4 percent at $ 2.152.

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