Commodity Focus: Technical View for April 16, 2014
Suparna / 16 Apr 2014
Bullions are trading in the negative zone, with Gold June future opening on a negative note and making a low around the technical level of 28315, while Silver is also trading with negative sentiment. Crude Oil witnessed positive trade around the technical level of 6300. Natural Gas future witnessed some positive trade in today’s trading sessions, whereas Copper continues to trade in consolidation phases.
Gold June future opened on a negative note and made a low around the technical level of 28315. Gold future does not look to sustain on the lower level for current trading session. Going ahead, Gold future has the major support at level of 28420/28350. If it breaks this level, may see more downward move to make new lows. On the higher side, 28550/28620 will act as a major resistance level for further sessions. MACD indicator is indicating a negative move below the level of 28500.
Silver May future is currently trading with negative scenario, and it also made low below the technical level of 42000. Silver future seems to be sustaining below this level. Going ahead, it may extend its profit booking trade to make new lows. On the lower side, 41700/41450 will be the vital support levels. On the other hand 42500/42750 will be the major resistance levels. MACD indicator is looking negative only below 42000 levels.
Crude Oil witnessed positive trade around the technical level of 6300. On the lower side, the major support is 6280/6250 and on the higher side, 6340/6380 will be the major resistance level. MACD indicator is looking positive above the technical level of 6340.
Natural Gas future witnessed some positive trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s top which is at 278.30. On the lower side, 274/271 will be the vital support levels. On the other hand, 278.30 will be the major resistance level. MACD indicator is looking positive above the level of 278.30.
Copper continues to trade in consolidation phases to break the technical level of 400 level. Going ahead this will act as a pivot level for further trade. If it sustains above the technical level of 404/406, it may see some positive scenario and touch the technical level of 406. On the other hand 398/396 will be the major support levels. MACD indicator is positive above 400 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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