Commodity Focus: Technical View for March 25, 2014
Suparna / 25 Mar 2014
Gold April future opened in the negative zone and remains under the selling pressure, while Silver May future is also trading in negative scenario. Crude oil had a nominal negative move to touch the technical level of 6050. Natural gas witnessed a positive trade in today’s session whereas Copper took the major support around the lower levels and managed to recover from the lower end which was at 400.
Gold April future opened on a negative note and remains under the selling pressure to make new lows. Gold future also broke its major support level and made a low below the technical level of 29000. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28880/28750 will act as a major support level for further sessions. On the other hand, 29150/29260 will be the major hurdle. MACD indicator is indicating a negative move below the level of 29000.
Silver May future is currently trading in negative scenario, making a low at the level of 43625. It seems to be sustaining below the technical level of 44000. Going ahead, if it breaks today’s lower level it may touch the level of 43200. On the higher side, 44150/44300 will be the vital resistance levels. However, on the lower side, 43500/43100 will be the vital support levels. MACD indicator is looking negative below 43800 level.
Crude Oil witnessed a nominal negative move to touch the technical level of 6050. On the higher side, the major hurdles are 6115/6130 and on the lower side, 6080/6045 will be the major support levels. MACD indicator is looking negative only below the technical level of 6045.
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 264.50. On the lower side, 259/257 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 major support around the lower levels and also managed to recover from the lower end which was at 395. If it remains above the technical level of 400, it may see more recovery to touch the technical level of 405/408 level. On the other hand 398/395 will be the major support levels. MACD indicator is positive above 400 level.
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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