Commodity Focus: Technical View for January 29, 2014

Suparna / 29 Jan 2014

Bullions witnessed some volatility but may serge to break major hurdles. Crude oil pivot level will be 6100 for inventory trade which will be declared at 9 p.m. on today’s session. Natural Gas again is trading in positive moves set to make more tops. Copper might continue to observe with negative scenario.

Gold is looking volatile from morning trading session. It may take support around the 29330-29280 level. There is a possibility that it will recover from current level (29500) to break major hurdles 29600-29680 again. On the other hand, if it’s not able to sustain at higher level, the index would continue with the negative scenario. MACD indicator is suggesting buying if it sustains above 29500.   

Silver is looking dicey in current scenario. On the positive side we may see some bounce back if it manages to hold the pivot level of 44000. However, it needs to cross above the technical level of 44500 for bullish move. The intraday charts indicate that it took good support at 43800 and 43550 levels. MACD indicator is looking mildly positive bias.   

Crude Oil witnessed some profit booking at current level of 6070. It may top around 6130-6150 at last day trading session. Alternatively, it might face some profit booking below the technical level of 6100 on high side. We may see choppy move after Inventory which will come at 9 P.m. MACD indicator is looking sideways. Trade deciding level is 6100 for the day.     

Natural Gas again is trading on a positive move on today’s session. Going ahead, if it continues to trade above 310 it may see more upside to make new top of around 318-321 level. The immediate support level will be 313 and 308. The level of 315 will be the major hurdles for intraday trade. MACD indicator is suggesting that one might see some bounce if Natural gas sustains above 315.  

Copper may continue with negative scenario, as it made a low below the psychological level of 450. It is having vital support at 448 and 446 levels for further trade. Trade may fall if it remains below 455 levels. On the higher side 457-460 will be the major hurdles. MACD indicator is also indicating negative move ahead. 

NOTE:- The above information is only an overall technical view of respective commodity. Please do not consider as recommendation.       

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