Commodity Focus: Technical View for May 29, 2014
Suparna / 29 Apr 2014
Bullions are trading negative today as Gold June future nosedived in the morning trade coming below the crucial support level of 28900, whereas Silver May future is also trading with negative scenario. Crude Oil bounced back from the lower level and is hovering around the technical level of 6250. Natural Gas future witnessed some flattish move with negative trade in today’s trading sessions, while Copper may see some range bound trade around 415 level.
Gold June future opened on a nosedive trade in the morning trading session. Gold future again came below the crucial support level of 28900. In the present scenario it does not seem to sustain on current level which is around 28750. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28650/28580 will act as a major support level for further sessions. On the other hand, 28740/28900 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28750.
Silver May future is currently trading in negative scenario, and it remains below the technical level of 42000. Going ahead, Silver future seems to be sustaining below this level to break 41800 level, it may see some lower level around 41500/41200. On the higher side, 42450/42700 will be the major resistance levels. MACD indicator is looking negative only below 42000 levels.
Crude Oil bounced back from the lower level and is hovering around the technical level of 6250. On the lower side, the major support is 6225/6190 and on the higher side, 6275/6300 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6250.
Natural Gas future witnessed some flattish move with 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 289.20. On the lower side, 287/285.50 will be the vital support levels. On the other hand, 291 will be the major resistance level. MACD indicator is looking negative below the level of 287.
Copper made a bullish crossover to break the major resistance of 415. It also took the major support around the same levels. Going ahead, it may see more consolidation around the technical levels of 413/417. On the current scenario the level of 415 will act as a pivot level for further trade. MACD indicator is positive above 416.60 levels.
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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