Commodity Focus: Technical View for March 21, 2014
Suparna / 21 Mar 2014
Gold April future opened in the negative zone but managed to recover from the lower end. Silver May future is currently trading in positive scenario making a high at 45300. Crude oil witnessed nominal positive move and touched the technical level of 6100. Natural gas traded in the negative zone and Copper took the major support around the lower levels.
Gold April future opened on a negative note however it managed to recover from the lower end. Gold future also crossed its major hurdle and made a high around 29900. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 29800/29720 will act as a major support level for further sessions. On the other hand, 29940/30020 will be the major hurdle. MACD indicator is indicating a positive move above the level of 29800.
Silver May future is currently trading in positive scenario, making a high at the level of 45300. It seems to be sustaining above the technical level of 45000. Going ahead, if it breaks today’s higher level it may touch the level of 45500. On the higher side, 45350/45700 will be the vital resistance levels. However, on the lower side, 44750/44500 will be the vital supports levels. MACD indicator is looking positive above 45000 level.
Crude Oil witnessed nominal positive move to touches the technical level of 6100. On the higher side, the major hurdles are 6125/6145 and on the lower side, 6050/6030 will be the major support levels. MACD indicator is looking positive only above the technical level of 6100.
Natural Gas future witnessed negative trade in today’s trading sessions. Going ahead, it may touch a further lower level, if it breaks today’s lower level, which is 263.10. On the lower side, 263/260 will be the vital support levels. On the other hand, 267 will be the major resistance level. MACD indicator is looking negative below the level of 265.
Copper took the major support around the lower levels and also managed to recover from the lower end which was at 398. If it sustain above the technical level of 400 it may see more recovery to makes new intraday highs around 405/407 level. On the other hand, if it comes below 400 it may again go on bearish mode. MACD indicator is positive above 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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