Commodity Focus: Technical View for April 9, 2014
Suparna / 09 Apr 2014
Bullions are trading with mixed sentiment as Gold June future opened on a mildly positive note, while Silver May future is trading with negative scenario. Crude Oil witnessed good recovery from the lower end to break the level of 6200. Natural gas is trading in the positive zone, whereas Copper once again came in the consolidation phase which is around 401-406.
Gold June future opened on a mildly positive note and also made a high around the technical level of 28550. On the current trading session, it’s not looking to sustain above the technical level of 28500. On the lower side, 28350/28100 will act as a major support level for further sessions. On the other hand, 28550/28600 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28500.
Silver May future is currently trading in negative scenario and remains below the technical level of 43000. Going ahead, it may see more downward move to make new lows if its beaks major support level of 42750. On the lower side, 42500/42350 will be the vital support levels. On the higher side 43150/43300 will be the major resistance level. MACD indicator is looking negative below 43000 levels.
Crude Oil witnessed good recovery from the lower end to break the level of 6200. On the lower side, the major support is 6160/6135 and on the lower side, 6220/6242 will be the major resistance level. MACD indicator is looking positive if it sustains above the technical level of 6200.
Natural Gas future witnessed some positive trade in today’s trading sessions. Going ahead, it might touch a further higher level, if it breaks today’s high level which is at 274.80. On the lower side, 270/268 will be the vital support levels. On the other hand, 275 will be the major resistance level. MACD indicator is looking positive above the level of 275.
Copper once again came in the consolidation phase which is around 401-406. It has also major hurdle around the higher levels of 408 and managed to break 405 level on the intraday basis. If it remains below this technical level of 405, may see some downward move on the closing basis. On the other hand 401/398 will be the major support levels. MACD indicator is negative below 405 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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