Commodity Focus: Technical View for January 30, 2014

Gold is looking negative from morning trading session. It has a crucial support around the 29500-29450 level. There is a possibility that it will recover from current level (29580). On the other hand, if it is not able to sustain at present level, the index would continue with the bearish scenario. MACD indicator is suggesting selling if it breaks the level of 29500.

Silver is looking bearish in current scenario. On the negative side we may see some panic selling if it breaks today’s low which is at 43760 levels. However, on the upper side it needs to cross above the technical level of 45000 for further trade. The intraday charts indicate that major resistance at 44450 and 44700 levels. MACD indicator is looking bearish.

Crude Oil witnessed massive upward move and held to its 6100 level. However it has a major barrier at 6175-6200 level. Alternatively it took vital support at 6080-6055 level. We may see more positive move above 6150 level. MACD indicator is looking mildly positive.

Natural Gas again continues to trading on a positive move from last few days. Going ahead, if it continues to trade above 330 it may see more positive aspect to make new top of around 345-350 level. The immediate support level will be 324 and 319. The level of 335 will be the major hurdles for intraday trade. MACD indicator is suggesting bullish move at current level which is 330. 

Copper may continue to trade in negative scenario, as it made a low below the psychological level of 450. It’s not managed to hold on the higher levels and one may see perpendicular fall if it breaks today’s low which is 449.10. It is having vital support at 448 and 446 levels for further trade. We had also mentioned this level in our last update. On the higher side 452-454 will be the major hurdles. MACD indicator is also indicating Bearish move ahead. 

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