Commodity Focus: Technical View for March 14, 2014
Suparna / 14 Mar 2014
Although it made a high above the technical level of 30500, Gold April future is trading in the same range in today’s opening session. Silver May future is currently trading on a positive note, above the level of 47000. Crude oil witnessed an up move after it sustained above the level of 6000. Natural Gas traded negative, with the downfall extending if it breaks today’s lower level, which is 266.60. Copper witnessed a consolidation phase of around 399-403.
Gold April future saw some directionless trade from today’s opening session. It made a high above the technical level of 30500. However, it is trading in the same range. Going ahead, Gold Future may see onside movement on the either side and the level of 30500 will act as a pivot level. On the lower side, 30450/30380 will act as a major support level for further sessions. On the other hand, 30650 will be the major hurdle. MACD indicator is indicating a positive move above 30500 level.
Silver May future is currently trading in a positive scenario, making a high around the technical level of 47000. But Silver future was not able to cross above this level. Going ahead, the intraday chart is indicating a negative diversion below the technical level of 47000. On the higher side, 47250/47450 will be the vital resistance levels. However, on the lower side, 46600/46350 will be the major supports levels. MACD indicator is looking positive above 47000 level.
Crude Oil witnessed an up move after it sustained, above the level of 6000. Going ahead, the positive scenario may continue. On the higher side, the major hurdles are 6045/6080 and on the lower side, 5980/5950 will be the major support levels. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed negative trade in today’s trading sessions. Going ahead, it may see the down fall extend, if it breaks today’s lower level, which is 266.60. On the higher side, 270/272 will be the vital resistance levels. On the other hand, 267 will be the vital support level. MACD indicator is looking negative below the level of 267.
Copper has witnessed a consolidation phase of around 399-403 in the last 3 to 4 of trading sessions. If Copper Future breaks the technical level of 400, which is also vital support level, it may see perpendicular fall below this level. On the other hand, 403/405 will be the major resistance for further move. MACD indicator is bearish if sustained below 400.
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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