Commodity Focus: Technical View for April 10, 2014
Suparna / 10 Apr 2014
Bullions are trading on a positive note today, with Gold June future making a high around the technical level of 28750, while Silver May future also trading in the positive zone. Crude Oil witnessed positive trade to break the technical level of 6200. Natural gas was choppy today, whereas Copper continues to trade in the same range around 405 level.
Gold June future opened on a positive note and also made high around the technical level of 28750. Gold future looks to sustain on the higher level for current trading session. Going ahead, Gold future has the major hurdle at level of 28750. If it breaks this level, may see more upward move to make new highs. On the lower side, 27670/27580 will act as a major support level for further sessions. On the other hand, 28800/288400 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28700.
Silver May future is currently trading with positive scenario, and it remains above the technical level of 43500 and seems to be sustaining this level. Going ahead, it may see more southward move to make new high. On the lower side, 43400/42900 will be the vital support levels. MACD indicator is looking positive only above 43500 levels.
Crude Oil witnessed positive trade to breaks the technical level of 6200. On the lower side, the major support is 6180/6160 and on the higher side, 6245/6260 will be the major support level. MACD indicator is looking positive above the technical level of 6200.
Natural Gas future witnessed some choppy trade in today’s trading sessions. Going ahead, it may touch a further high level, if it breaks today’s higher level at 277.30. On the lower side, 274/271 will be the vital support levels. On the other hand, 278 will be the major resistance level. MACD indicator is looking positive above the level of 275.
Copper continue to trade in the same range around 405 level. It also took major support around the lower levels and managed to recover from the lower end which was at 402.50. If it sustains above the technical level of 406/408, it may see positive scenario and touch the technical level of 410. On the other hand 402/400 will be the major support levels. MACD indicator is positive above 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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