Commodity Focus: Technical View for March 19, 2014
Suparna / 19 Mar 2014
Gold April future continues to trade in negative, whereas Silver May future trading negatively made a low at the level of 45500. Crude oil made a positive move after it sustained at the level of 6000. Natural gas traded positively, while copper broke its major support level at 399.
Gold April future continued to trade in negative note from today’s opening session. It made a low at around the vital support level which is at 30084. Going ahead, Gold future may see an extension with the current momentum to make new lows. On the lower side, 29970/29920 will act as a major support level for further sessions. On the other hand, 30150/30220 will be the major hurdle. MACD indicator is indicating a negative move only below 30050 level.
Silver May future is currently trading in a negative scenario, making a low at the level of 45500. It seems to be sustaining below the technical level of 46000. Going ahead, if it breaks today’s lower level it may touch the level of 45000. On the lower side, 45050/44880 will be the vital support levels. However, on the higher side, 45900/46250 will be the major resistance levels. MACD indicator is looking negative below 45500 level.
Crude Oil witnessed positive move after it sustained, above the level of 6000. On the higher side, the major hurdles are 6120/6140 and on the lower side, 6040/6010 will be the major support levels. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed positive trade in today’s trading sessions. Going ahead, it may see the recovery from the lower level, if it manages to break today’s higher level, which is 274.80. On the higher side, 275/280 will be the vital resistance levels. On the other hand, 270 will be the vital support level. MACD indicator is looking positive above the level of 275.
Copper broke its major support level which was at 399 and also made low around 398. If Copper future continue to trade around this level it may breaks its consolidation phase which is at 399-403. On the other hand, if it comes above 400 it may again touch 403-405. 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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