Commodity Focus: Technical View for February 24, 2014

Gold April future witnessed massive up-move from today’s morning session. It has been able to sustain above the technical level of 30000. Going ahead gold future has a major resistance around the level of 30100. If it crosses this level, bulls may continue to show their strength to move forward and the door will be open for the next level of 30250. On the current level (30070) the major supports are 29970/29880. MACD indicator is indicating a positive move ahead till it is trading above 30000 levels.

Silver March future opened on a weaker note. It managed to recover from the lower end (from 47200 levels). From last few trading session, we are observing that it’s trading in the range of 47100-48250. As per the current movement (at the level of 47700) the silver future, is looking to be on the positive side. One may consider trading if it continues with the current scenario which may cross the technical level of 48000. On the higher side major barrier will be 48350/48700. The immediate support level for further trading session will be around 47450/46950. MACD indicator is suggesting positive move for the day.   

Crude Oil future witnessed some range bound trading around 6360-6400 level on today’s session. The oil future opened below the technical level of 6400 and on the lower side it was around 6352. From the last few trading session it is getting stuck around the higher level around 6410/6440. Going ahead, oil future is looking to extend the loss by achieving more low levels. Bears may see more active if oil future sustains below 6350 level. However on the higher side the level of 6440 will be the bullish cross over. MACD indicator is looking negative for further trading session.

Natural Gas future witnessed a surprising resilience move on today’s opening session. It opened higher by Rs 15, from yesterday’s closing level and also made a high at 399 level. From the current momentum it may consider to cross the technical level of 400 for further trading session. On the upper side 404/408 will be the major barriers. The level of 392/387 will be the immediate support level. MACD indicator is looking bullish for further trading session, however traders are advised to stay cautious on the higher side.

Copper, witnessed some profit booking on current trading session which is around 445 level. From last few trading session it is consolidating around the levels of 447-451. It managed to take a U turn every time when it touched the higher level of 451, on the other hand copper future sustained below the level of 447. We might see copper to continue with current momentum, as bears may hammer more to make new lower level below today’s low of 444.85. The immediate lower level for the copper future is 441/439. The major resistance level will be 447 on the closing basis. MACD indicator is looking negative.

NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.