Commodity Focus: Technical View for March 05, 2014
Suparna / 05 Mar 2014
Gold witnessed some positivity in today’s opening session and made a high at 30318, whereas Silver future is trading in the range bound technical level of 47200. Crude oil continues with profit booking trade as oil future made a low at 6354. Natural gas is consolidating in the narrow range today but copper had some resilience movement to break the major hurdle at 441.
Gold April future saw some positive scenario in today’s opening session. It made a high at 30318 and currently trades around 30200 level. Going ahead, this current level may be considered as a pivot level for further trading session. If it breaks today’s lower level which is 30111, may see more falls to touch the technical level of 30000. On the other hand 30318 will act as a major hurdle for further session. MACD indicator is indicating mildly positive only above 30200 level.
Silver May future is currently trading range bound around the technical level of 47200. It made low around 47045 which is the major intraday support level. Going ahead the intraday chart is indicating that it may continue with the upward moment until it is trading above 47000 level. On the down side 47000 will be the vital support level. However on the higher side 47500/47750 will be the major barriers. MACD indicator is looking positive above 47000 level.
Crude Oil continues with the profit booking trade as oil future made low at 6354. Oil future broke the major support at opening trade which was at 6400 level. Going ahead on the lower side the major support levels are 6350/6325 and on the higher side 6420 will be the major hurdle. MACD indicator is looking negative for further trading session.
Natural Gas future is consolidating in the narrow range in today trading session as well. Going ahead it may see some profit booking trade if it breaks today lower level which is 287.60. On the higher side 293/295 will be the vital resistance levels. MACD indicator is looking negative till it remains below the level of 290.
Copper witnessed a resilience move to break the major hurdle at 441. After breaking this major hurdle copper future saw a rally of 5 points to touch the level of 446. By looking on the intraday chart it might be considered to make more tops if it sustains above the level of 443. However on the lower side 442/441 will be the vital support level. MACD indicator is looking moderately positive only above 443 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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