Commodity Focus: Technical View for February 04, 2014
Suparna / 04 Feb 2014
The Bullions trade witnessed some profit booking in the current scenario. Crude Oil saw some downward movement. Natural Gas continues to trade on a wide range, whereas Copper struggles on the lower levels. US Factory Orders and Economic Optimism data may create volatility to commodities which will be announced by 8.30p.m.
Gold is looking good on some profit booking trade in the current scenario. It has maintained below the psychological level of 29000. It has a crucial support around the 28800-28720 level. If it drops down below these crucial support level expect more pain for further trading session. On the other hand, if it sustains at current level, the index would observe some recovery from current level which is (28550). MACD indicator is suggesting selling if it breaks the level of 29800.
Silver is looking negative in present scenario. It had some selling pressure from the level of 43800. On the lower level silver has a vital support around 43500 and 43250 levels. On the higher side 44000-44250 will be the major barriers. MACD indicator is looking negative only to sustain below 43500 levels.
Crude Oil continues to witness a downward movement and closed below the technical level of 6100. However it has a major support at 6040-6010. Alternatively it 6100-6140 levels will be the major barrier for today’s session. We may see more negative move below 6050 level. MACD indicator is also looking mildly bearish if it breaks the level of 6050.
Natural Gas witnessed to continue with wide range of momentum and for the today surged by 1.8%. Going ahead, if it continues to trade above 315, it may see more positive aspect to break today’s higher level which is at 319.60. The immediate support level will be 312 and 305. The level of 315 will be the pivotal level for intraday trade. On the other hand 319 and 322 will be the major resistance levels. MACD indicator is suggesting positive move at current level which is 316.
Copper may continue to trade in negative scenario, from last three sessions we are expecting fall in copper prices. Trader’s witnessed 441.40 level which was today’s low. Going ahead one can expect some dead cat bounce from current level of 443. However, overall scenario of copper will remain bearish till it is closed above 450. On lower side, it is having vital support at 440 and 438 levels for further trade. MACD indicator is still suggesting negative till it’s trading below 450 levels.
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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