Commodity Focus: Technical View for April 2, 2014
Suparna / 22 Apr 2014
Bullions are positive today as Gold June future opened on a positive note and broke its major resistance level, while Silver May future is also trading with positive bias. Crude Oil bounced back from lower level and broke the technical level of 6300. Natural Gas future witnessed some flattish trade in today’s trading sessions, whereas Copper continues to trade in the positive side and trades above 407 level.
Gold June future opened on a positive note and remains in the buying side from morning. Gold future also broke its major resistance level and made a high above the technical level of 28550. Going ahead, Gold future may continue with the current momentum to make new high. On the lower side, 28470/28450 will act as a major support level for further sessions. On the other hand, 28600/28680 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28550.
Silver May future is currently trading in positive scenario, and it remains above the technical level of 42000. Going ahead, Silver future seems to be sustaining this level to break today’s higher level, it may see some higher level around 42500/42800. On the lower side, 41900/41750 will be the vital support levels. MACD indicator is looking positive only above 42500 levels.
Crude Oil bounced back from the lower level and also broke the technical level of 6300. On the lower side, the major support is 6280/6250 and on the higher side, 6340/6355 will be the major support levels. MACD indicator is looking positive above the technical level of 6300.
Natural Gas future witnessed some flattish trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s higher level which is 286.50. On the lower side, 284/282 will be the vital support levels. On the other hand, 287 will be the major resistance level. MACD indicator is looking positive above the level of 287.
Copper continues to trade in the broke consolidation phase and trade above 405 level. It also took the major support around the same levels. Going ahead, it has a bullish crossover if it sustains above the technical level of 408, it may see positive scenario to touch the technical level of 410/412. On the other hand 405 will be the major support levels. MACD indicator is positive above 408 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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