Commodity Focus: Technical View for April 7, 2014
Suparna / 07 Apr 2014
Bullions are trading on a mixed note as Gold June future opened on a mildly positive note, whereas Silver May future is trading in the negative scenario. Crude Oil witnessed some profit booking trade as it came below 6060 level. Natural Gas is trading positively and may touch a further higher level, while Copper once again was trading in consolidation phases.
Gold June future opened on a mildly positive note and also made a high around the technical level of 28323. On the current trading session, it’s looking to sustain above the technical level of 28250. On the lower side, 28150/28100 will act as a major support level for further sessions. On the other hand, 28350/28400 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28325.
Silver May future is currently trading in negative scenario and remains below the technical level of 43000. Going ahead, it may see more upward move to make new highs if its beaks major resistance level of 43000. On the lower side, 42700/42450 will be the vital support levels. On the higher side 43450/43700 will be the major resistance level. MACD indicator is looking positive only above 43000 levels.
Crude Oil witnessed some profit booking trade as it came below 6060 level. On the lower side, the major support is 6035/6020 and on the higher side, 6090/6125 will be the major support level. MACD indicator is looking negative below the technical level of 6060.
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 high level which is at 272.80. On the lower side, 268/266 will be the vital support levels. On the other hand, 273 will be the major resistance level. MACD indicator is looking positive above the level of 273.
Copper once again came in the consolidation phase which is around 399-403. It also took major support around the lower levels and managed to break 398 level on the closing basis. If it remains above this technical level of 405/408, may see some upward move on the closing basis. On the other hand 401/398 will be the major support levels. MACD indicator is positive above 400 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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