Commodity Focus: Technical View for March 07, 2014
Suparna / 07 Mar 2014
Gold April future witnessed a dicey opening session today and currently trades around the technical level of 30250, whereas silver May future is trading on a negative note below the technical level of 47000. Crude oil had massive recovery from the lower level. Natural gas is consolidating in the narrow range from the past few sessions. Copper witnessed nosedive trade and made a low at 427.
Gold April future saw some dicey scenario in today’s opening session. It made a low at 30176 and currently trades around technical level of 30250. Going ahead, this current level may be considered as pivotal level for further trading session. If it breaks today’s lower level, it may see more falls to touch the levels of 30100/30020. On the other hand 30320 will act as a major hurdle for further session. MACD indicator is indicating negative below 30150 level.
Silver May future is currently trading with a negative note which is below the technical level of 47000. It made a low around 46436, which is the major intraday support level. Going ahead the intraday chart is indicating negative diversion below the technical level of 47000. On the down side 46400 will be the vital support level. However on the higher side 47300/47450 will be the major barriers. MACD indicator is looking negative below 47000 level.
Crude Oil witnessed massive recovery from the lower level. Oil future broke the major resistance at the opening trade which was at 6200 level. Going ahead on the lower side the major support levels are 6160/6130 and on the higher side 6240/6270 will be the major hurdle. MACD indicator is looking positive for further trading session.
Natural Gas future is consolidating in the narrow range from last few sessions. Going ahead it may see some profit booking trade if it breaks today’s lower level which is 280. On the higher side 287/292 will be the vital resistance levels. MACD indicator is looking positive till it remains above the level of 280.
Copper witnessed nosedive trade from morning trading session. As copper did not manage to hold the 439 level on the closing basis it made a low at 427. We are expecting this scenario from last 3 to 4 days and finally we are happy to see this fall. Going ahead it may see continue with current bearish scenario to makes new lower levels. The immediate support levels for the copper are 427/424. On the higher side 432/434 will be the resistance level. MACD indicator is looking bearish below 430 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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