Commodity Focus: Technical View for April 2, 2014
Suparna / 02 Apr 2014
Bullions are trading on a mix note today as Gold June future opened on a negative note remaining in selling pressure. Silver though trading positive, but remains below the technical level of 28000. Crude Oil nosedived to trade below the technical level today, while natural gas witnesses a negative trade. Copper broke consolidation phase, bullish crossover above 405 level.
Gold June 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 28000. Going ahead, Gold future may continue with the current momentum to make new low. On the lower side, 27750/27680 will act as a major support level for further sessions. On the other hand, 27950/28100 will be the major hurdle. MACD indicator is indicating a negative move below the level of 27850.
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 see some lower level around 42400. On the lower side, 42500/42250 will be the vital support levels. MACD indicator is looking negative only below 42500 levels.
Crude Oil witnessed nosedive trade to breaks the technical level of 6000. On the lower side, the major support is 5950/5930 and on the higher side, 6010/6025 will be the major support level. MACD indicator is looking negative below the technical level of 5960.
Natural Gas future witnessed some negative trade in today’s trading sessions. Going ahead, it may touch a further lower level, if it breaks today’s lower level which is 254. On the lower side, 254/251 will be the vital support levels. On the other hand, 257 will be the major resistance level. MACD indicator is looking negative below the level of 255.
Copper continues to trade in the broke consolidation phase and trade above 405 level. It also took the major support around the lower levels and managed to recover from the lower end which was at 401/403. If it remains above the technical level of 405, it may see positive scenario to touch the technical level of 408/410. On the other hand 401/399 will be the major support levels. MACD indicator is positive above 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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