Commodity Focus: Technical View for April 11, 2014
Suparna / 11 Apr 2014
Gold June Future opened on a nominally positive note, while silver is currently trading in the negative territory. Crude Oil witnessed positive trade around the technical level of 6250. Natural Gas was trading with negative bias, whereas Copper continues to trade with positive bias, breaking the technical level of 408 level.
Gold June future opened on a nominally positive note and made a high around the technical level of 28844. Gold future does not look to sustain on the higher level for current trading session. Going ahead, Gold future has the major hurdle at level of 28850. If it breaks this level, may see more upward move to make new highs. On the lower side, 28750/28670 will act as a major support level for further sessions. On the other hand, 28850/28900 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28650.
Silver May future is currently trading with negative scenario, and it remains below the technical level of 43500 and seems to be sustaining this level. Going ahead, it may see more southward move to make new lows. On the lower side, 43100/42870 will be the vital support levels. MACD indicator is looking negative only below 43000 levels.
Crude Oil witnessed positive trade around the technical level of 6250. On the lower side, the major support is 6230/6180 and on the higher side, 6255/6270 will be the major resistance level. MACD indicator is looking positive above the technical level of 6230.
Natural Gas future witnessed some negative trade in today’s trading sessions. Going ahead, it may touch a further lower level, if it breaks today’s lower level at 280.30. On the lower side, 277/275 will be the vital support levels. On the other hand, 282 will be the major resistance level. MACD indicator is looking negative below the level of 280.
Copper continue to trade to break the technical level of 408 level. It also took major support around the lower levels and managed to recover from the lower end which was at 405. If it sustains above the technical level of 405/408, it may see some positive scenario and touch the technical level of 412. 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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