Commodity Focus: Technical View for March 06, 2014
Suparna / 06 Mar 2014
Gold witnessed a negative scenario in today’s session and currently trades below the technical level of 30000, while silver May future is currently trading with massive amount of profit booking. Crude oil continues with profit booking trade as oil future made a low at 6181. Natural gas is consolidating in the narrow range but copper witnessed a nosedive trade in the last closing session and did not manage to hold the level of 439.
Gold April future saw some negative scenario in today’s opening session. It made a low at 29900 and currently trades below the technical level of 30000. Going ahead, this current level may be considered as gold future may extend its losses. If it breaks today’s lower level, it may see more falls to touch the levels of 29850/29770. On the other hand 30000 will act as a major hurdle for further session. MACD indicator is indicating negative below 30000 level.
Silver May future is currently trading with massive amount of profit booking at the technical level of 46500. It made a low around 46436 which is the major intraday support level. Going ahead the intraday chart is indicating that it may continue with the downward moment until it is trading below 46500 level. On the down side 46300 will be the vital support level. However on the higher side 46900/47250 will be the major barriers. MACD indicator is looking negative below 46500 level.
Crude Oil continues with the profit booking trade as oil future made low at 6181. Oil future broke the major support at opening trade which was at 6200 level. Going ahead on the lower side the major support levels are 6180/6160 and on the higher side 6200/6240 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 sessions. Going ahead it may see some profit booking trade if it breaks today’s lower level which is 280. On the higher side 285/290 will be the vital resistance levels. MACD indicator is looking negative till it remains below the level of 285.
Copper witnessed nosedive trade in last closing session, as it did not manage to hold the level of 443, which we had mentioned in our last update. It also made low around the level of 436 which is also indicating that copper future may fall further if it is closed below the vital support level of 439. MACD indicator is looking bearish below 439 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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