Commodity Focus: Technical View for March 24, 2014

Gold April future opened on a negative note and remains in the selling pressure to makes new lows. Gold future also broke its major support level and made a low around 29350. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 29250/29120 will act as a major support level for further sessions. On the other hand, 29500/29620 will be the major hurdle. MACD indicator is indicating a negative move below the level of 29500.  

Silver May future is currently trading in negative scenario, making a low at the level of 44000. It seems to be sustaining below the technical level of 44500.  Going ahead, if it breaks today’s lower level it may touch the level of 43700. On the higher side, 44450/44700 will be the vital resistance levels. However, on the lower side, 43950/43600 will be the vital support levels. MACD indicator is looking negative below 44500 level.   

Crude Oil witnessed nominal negative move to touch the technical level of 6100. On the higher side, the major hurdles are 6145/6160 and on the lower side, 6080/6050 will be the major support levels. MACD indicator is looking negative only below the technical level of 6100. 

Natural Gas future witnessed some positive trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s higher level, which is 264.70. On the lower side, 260/258 will be the vital support levels. On the other hand, 265 will be the major resistance level. MACD indicator is looking positive above 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 395. If it manages to break the technical level of 395 it may see more deep dives to makes new intraday low around 392/388 level. On the other hand, if it comes above 400 it may again go on some positive mode. MACD indicator is negative below 400 level.