Commodity Focus: Technical View for March 31, 2014
Suparna / 31 Mar 2014
Gold April opened on a negative note and remains in buying sentiment, while Silver May future also trades in positive scenario. Crude oil witnessed a nominal negative move to touch the technical level of 6100. Natural gas future may touch a further lower level, whereas Copper continues to trade in the consolidation phase, bullish crossover ahead.
Gold April future opened on a positive note and remains in the buying sentiment to make new high. Gold future also broke its major resistance level and made a high above the technical level of 28500. Going ahead, Gold future may continue with the current momentum to make a new high. On the lower side, 28480/28350 will act as a major support level for further sessions. On the other hand, 28550/29600 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28600.
Silver May future is currently trading in positive scenario, making a high above the level of 43000. It seems to be sustaining above the technical level of 43000. Going ahead, if it breaks today’s higher level, it may touch the level of 43500. On the higher side, 43650/43900 will be the vital resistance level. However, on the lower side, 42800/42500 will be the vital support level. MACD indicator is looking positive above 43000 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, 6080/6060 will be the major support levels. MACD indicator is looking positive only above the technical level of 6145.
Natural Gas future witnessed some 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 267.10. On the lower side, 265/263 will be the vital support level. On the other hand, 271 will be the major resistance level. MACD indicator is looking negative below the level of 267.10.
Copper continues to trade in the consolidation phase which is around 399-403. It also took the major support around the lower level and managed to recover from the lower end which was at 398. If it remains above the technical level of 403, it may be a positive scenario to touch the technical level of 405/408. On the other hand, 402/399 will be the major support level. MACD indicator is positive above 405 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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