Commodity Focus: Technical View for March 04, 2014
Suparna / 04 Mar 2014
Gold saw profit booking in today’s opening session, on the other hand Silver May future is currently trading below the technical level of 47500. Crude oil made a low at 6420 down by 90 points. Natural Gas consolidated in the narrow range of 280-284, which has been the pattern from last couple of days. Copper observed some selling pressure as it is trading below the mark of 441.
Gold April future saw a profit booking trade from today’s opening session. It is nearly down by 400 points from yesterday’s closing and at the current scenario Gold future is trading at the crucial support level around 30240. If it continues with the current downward momentum it may touch the lower level of 30150/30070. On the other hand the immediate resistance levels will be around 30300/30380. MACD indicator is indicating negative if its remains below 30300 level.
Silver May future is currently trading below the technical level of 47500. It also made low around 47210 which is the major intraday support level. Going ahead the intraday chart is indicating that it may continue with the downward moment until its trading below 47500 level. On the down side 47000 will be the vital support level. However on the higher side 47650/47800 will be the major barriers. MACD indicator is looking negative below 47500 level.
Crude Oil witnessed a major profit booking trade as oil future made low at 6420 down by around 90 points. However at the current level the oil future may expect some recovery from the lower end to touch 6450 level again. On the other side if it breaks and closes below the level of 6400 it may continue with the profit booking trade. On the lower side the major support levels are 6400/6375 and on the higher side 6450 will be the major hurdle. MACD indicator is looking negative for further trading session.
Natural Gas future is consolidating in the narrow range from last couple of days which is around 280-284. Going ahead one may consider an immediate support and resistance level for further trading session. However, by looking at the intraday chart it may break today’s higher level to touch the levels around 289/291. On the lower side 279/275 will be the vital support levels. MACD indicator is looking positive if it crosses and sustains above the level of 284.30.
Copper witnessed continuous selling pressure as it is trading below the 441 mark. Going ahead one may consider bears to reach more downward levels around 437/434. On the other hand if it crosses and closes above 441 level, copper future may again come around 443/445 level. MACD indicator is looking bearish below 441 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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