Commodity Focus: Technical View for May 28, 2014
Suparna / 28 Apr 2014
Bullions are trading on a mix note today as Gold June future opened on a nominal positive note, whereas Silver May future is currently trading with negative scenario. Crude Oil bounced back from the lower level and also broke the technical level of 6250. Natural gas is trading flattish, while Copper made a bullish crossover to break the major resistance of 412.
Gold June future opened on a nominal positive note and again came near yesterday’s closing level at 28900. Gold future also broke its major resistance level and made a high above the technical level of 29000. But in the present scenario it does not seem to sustain on highs. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28820/28750 will act as a major support level for further sessions. On the other hand, 29050/29120 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28950.
Silver May future is currently trading in negative scenario, and it remains below the technical level of 42500. Going ahead, Silver future seems to be sustaining below this level to break 42400 level, it may see some lower level around 42200/41900. On the lower side, 42750/42900 will be the major resistance levels. MACD indicator is looking negative only below 42500 levels.
Crude Oil bounced back from the lower level and also broke the technical level of 6250. On the lower side, the major support is 6230/6210 and on the higher side, 6280/6310 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6250.
Natural Gas future witnessed some flattish trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s higher level which is 286. On the lower side, 283.50/281 will be the vital support levels. On the other hand, 287 will be the major resistance level. MACD indicator is looking positive above the level of 287.
Copper made a bullish crossover to break the major resistance of 412. It also took the major support around the same levels. Going ahead, it may see more positive scenario to touch the technical level of 422/425. On the other hand 415/412 will be the major support levels. MACD indicator is positive above 420 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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