Commodity Focus: Technical View for April 15, 2014
Suparna / 15 Apr 2014
Bullions are trading in the negative zone today with Gold June future making a low around the technical level of 28600, while Silver May future is currently trading in the negative scenario. Crude Oil witnessed negative trade around the technical level of 6230. Natural gas was trading with negative scenario, whereas Copper broke the technical level of 405.
Gold June future opened on a negative note and made a low around the technical level of 28600. Gold future does not look to sustain on the higher level for current trading session. Going ahead, Gold future has the major support at level of 28550/28500. If it breaks this level, may see more downward move to make new lows. On the higher side, 28670/28740 will act as a major resistance level for further sessions. 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 43000 and seems to be sustaining below this level. Going ahead, it may see more nosedive move to make new lows. On the lower side, 42650/42500 will be the vital support levels. MACD indicator is looking negative only below 43700 levels.
Crude Oil witnessed negative trade around the technical level of 6230. On the lower side, the major support is 6200/6180 and on the higher side, 6265/6280 will be the major resistance level. MACD indicator is looking negative below 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 275.20. On the lower side, 273/271.50 will be the vital support levels. On the other hand, 278 will be the major resistance level. MACD indicator is looking negative below the level of 275.
Copper continues to trade in consolidation phases to break the technical level of 405 level. Going ahead this will act as a pivot level for further trade. If it sustains above the technical level of 406/408, it may see some positive scenario and touch the technical level of 410. On the other hand 404/401 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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