Commodity Focus: Technical View for April 1, 2014
Suparna / 01 Apr 2014
Gold April Future looks gloomy and remains in the selling pressure, whereas Silver May future is currently trading in positive scenario. Crude Oil witnessed nominal negative move to touch the technical level of 6080 and Natural Gas witnessed a positive trade. Copper continues to trade in the consolidation phase which is around 399-403 level.
Gold April future opened on a negative note and remains in the selling pressure from morning. Gold future also broke its major support level and made a low below the technical level of 28400. Going ahead, Gold future may continue with the current momentum to make new low. On the lower side, 28350/28240 will act as a major support level for further sessions. On the other hand, 28470/29550 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28500.
Silver May future is currently trading in positive scenario, however it remains below the technical level of 43000 and seems to be sustaining this level. Going ahead, if it is not able to break today’s higher level it may once again come in the negative scenario. On the higher side, 43100/43450 will be the vital resistance levels. However, on the lower side, 42600/42380 will be the vital support levels. MACD indicator is looking negative only below 42500 levels.
Crude Oil witnessed nominal negative move to touch the technical level of 6080. On the higher side, the major hurdles are 6125/6148 and on the lower side, 6070/6045 will be the major support levels. MACD indicator is looking negative only below the technical level of 6100.
Natural Gas future witnessed some positive trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s higher level which is 264.70. On the lower side, 262/259 will be the vital support levels. On the other hand, 265 will be the major resistance level. MACD indicator is looking positive above the level of 267.
Copper continues to trade in the consolidation phase which is around 399-403. It also took the major support around the lower levels and managed to recover from the lower end which was at 398. If it remains below the technical level of 405, it may see negative scenario to touch the technical level of 400/398. On the other hand 400/396 will be the major support levels. MACD indicator is negative below 405 level.
NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.
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