Commodity Focus: Technical View for April 4, 2014
Suparna / 04 Apr 2014
Bullions are trading with positive sentiments today, as Gold June future opened positively and made a high at 28228. Silver May future was positive and remains above the technical level of 43000. Crude Oil witnessed consolidation trade, while natural gas was negative. Copper again broke the consolidation phase which is around 401-405.
Gold June future opened on a positive note and also made a high around the technical level of 28228. On the current trading session it’s looking to sustain above the technical level of 28000. On the lower side, 27950/27880 will act as a major support level for further sessions. On the other hand, 28230/28300 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28100.
Silver May future is currently trading in positive scenario and it remains above the technical level of 43000 and seems to be sustaining this level. Going ahead, it may see more upward move to make new highs. On the lower side, 42800/42500 will be the vital support levels. On the higher side 43300/43600 will be the major resistance level. MACD indicator is looking positive only above 43300 levels.
Crude Oil witnessed consolidation trade around the technical level of 6060/6120. On the lower side, the major support is 6060/6040 and on the higher side, 6125/6145 will be the major support level. MACD indicator is looking positive above the technical level of 6100.
Natural Gas future witnessed some negative trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s high level which is 270. On the lower side, 268/265 will be the vital support levels. On the other hand, 271 will be the major resistance level. MACD indicator is looking positive above the level of 271.
Copper once again beaks the consolidation phase which is around 401-405. It also took major support around the lower levels and managed to breaks 405 level on the closing basis. If it remains above this technical level of 408/410, may see on the closing basis. On the other hand 405/401 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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