Commodity Focus: Technical View for March 18, 2014
Suparna / 18 Mar 2014
Bullions traded in negative scenario today as Gold April future witnessed a negative trade in the opening session and made a low at 30125 level. Crude oil witnessed an upward movement and sustained above the technical level of 6000. Natural gas was in the negative territory and may witness a further downfall. Copper continued to trade in the consolidated phase around 399-403 level.
Gold April future saw some negative trade in today’s opening session. It made a low at around the vital support level which is at 30125. However, it managed to recover from the lower end and trade at around 30250. Going ahead, Gold Future may see both side movements. On the lower side, 30150/30070 will act as a major support level for further sessions. On the other hand, 30310/30350 will be the major hurdle. MACD indicator is indicating a negative move only below 30250 level.
Silver May future is currently trading in a negative scenario, making a low around the technical level of 46000. But Silver future was not able to dip below this level. Going ahead, this level will act as a major support level for today’s trading session. On the lower side, 45890/45750 will be the vital support levels. However, on the higher side, 46400/46650 will be the major resistance levels. MACD indicator is looking negative below 46000 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 6040/6065 and on the lower side, 5975/5960 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 manages to break today’s lower level, which is 275.30. On the higher side, 278/282 will be the vital resistance levels. On the other hand, 270 will be the vital support level. MACD indicator is looking negative below the level of 275.30.
Copper continues to trade in the consolidation phase of around 399-403 in the last few trading sessions. If Copper Future breaks the technical level of 398, which is also the 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 398.
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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