Commodity Focus: Technical View for May 06, 2014
Suparna / 06 May 2014
Bullions are trading on a mix note today, as Gold June future opened on a negative sentiment, whereas Silver May future is currently trading with positive scenario. Crude Oil witnessed some sign of recovery from morning trading session and came around the technical level of 6000. Natural Gas future witnessed some positive move, while Copper once again came above the technical level of 410.
Gold June future opened on a negative sentiment in the morning trading session. In the present scenario Gold future is trading below its crucial support level of 29000. It seems to sustain on current level which is around 28900. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28880/28740 will act as a major support level for further sessions. On the other hand, 28960/29000 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28900.
Silver May future is currently trading in positive scenario, and it remains above the technical level of 42500. Going ahead, Silver future does not seem to be sustaining above this level to break higher level which is around 42800. It may see some lower level around 42500/42100. On the lower side, 42000 will be the vital support levels. MACD indicator is looking negative only below 41500 levels.
Crude Oil witnessed some signs of recovery from morning trading session and came around the technical level of 6000. On the lower side, the major support is 5970/5955 and on the higher side, 6030/6045 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6000.
Natural Gas future witnessed 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 285.60. On the lower side, 283.50/282 will be the vital support levels. On the other hand, 287/290 will be the major resistance level. MACD indicator is looking positive above the level of 285.60.
Copper again came above the technical level of 410. Till copper future is trading above this level, it is indicating that copper is in the positive 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 407.70 will be the crucial support level. And on the higher side 412 level will be the major resistance. MACD indicator is positive 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.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.