Commodity Focus: Technical View for April 3, 2014
Suparna / 03 Apr 2014
Gold June future opened on a positive note making a high around the technical level of 28245, while Silver May future is currently trading in negative scenario. Crude Oil witnessed some recovery trade to break the technical level of 6020. Natural Gas was choppy in today’s trading session, whereas Copper traded in consolidated phases.
Gold June future opened on a positive note and also made high around the technical level of 28245.But Gold future does not sustain on the higher level for current trading session. Going ahead, Gold future has the vital support level of 28000. If it comes below this level, may see more downward move to make new lows. On the lower side, 27820/27750 will act as a major support level for further sessions. On the other hand, 28100/28240 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28000.
Silver May future is currently trading in negative scenario, and it remains below the technical level of 43000 and seems to be sustaining this level. Going ahead, it may see more northward move to make new lows. On the lower side, 42480/42250 will be the vital support levels. MACD indicator is looking negative only below 43000 levels.
Crude Oil witnessed some recovery trade to breaks the technical level of 6020. On the lower side, the major support is 5950/5930 and on the higher side, 6025/6045 will be the major support level. MACD indicator is looking positive above the technical level of 6000.
Natural Gas future witnessed some choppy trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s high level which is 266.40. On the lower side, 261/259 will be the vital support levels. On the other hand, 266.40 will be the major resistance level. MACD indicator is looking positive above the level of 266.40.
Copper again came in the consolidation phase and traded around 403 level. It also took major support around the lower levels and managed to recover from the lower end which was at 402. If it remains below the technical level of 405/407, it may see negative scenario and touch the technical level of 402/400. On the other hand 401/399 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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