Commodity Focus: Technical View for May 02, 2014
Suparna / 02 May 2014
Today as most of Indian states witnessed the auspicious festival of Akshaya Tritiya, where buying Gold is said to sacred, the same was not reflected on the Bullion charts. Gold June future opened on a flattish note, while Silver was trading positive. Crude Oil witnessed heavy profit booking trade and came around the technical level of 6000. Natural Gas future is trading positively and Copper once again came below the technical level of 410.
Gold June future opened on a flattish note in the morning trading session. However, Gold future is trading above its crucial support level of 28500. In the present scenario it seems to sustain on current level which is around 28620. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 28480/28400 will act as a major support level for further sessions. On the other hand, 28700/28770 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28500.
Silver May future is currently trading in positive scenario, and it remains above the technical level of 41000. Going ahead, Silver future seems to be sustaining above this level to break 41500 level, it may see some higher level around 41800/42000. On the lower side, 40850/40700 will be the major resistance levels. MACD indicator is looking positive only above 41450 levels.
Crude Oil witnessed heavy profit booking trade and came around the technical level of 6000. On the lower side, the major support is 5980/5965 and on the higher side, 6040/6055 will be the major resistance levels. MACD indicator is looking negative below the technical level of 6000.
Natural Gas future witnessed some positive move in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s level which is also the major hurdle at Rs 288.30. On the lower side, 284/283.50 will be the vital support levels. On the other hand, 290/292 will be the major resistance level. MACD indicator is looking positive above the level of 288.30.
Copper again came below the technical level of 410. Till copper future is trading below this level, it is indicating that copper is in the negative territory. On the current scenario the level of 410 will act as a pivot level for further trade. On the lower side the level of 405 will be the crucial support level. And on the higher side 412 level will be the major resistance. MACD indicator is negative till it’s trading below 410 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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