Commodity Focus: Technical View for May 07, 2014
Suparna / 07 May 2014
Bullions are trading positive today as Gold June future is trading above its technical level of 29000, while Silver May future though positive is stuck around the technical level of 43000. Crude Oil witnessed some signs of recovery from yesterday trading session. Natural Gas is trading with positive sentiment, whereas Copper again came below the technical level of 410.
Gold June future opened on a positive sentiment in the morning trading session. In the present scenario Gold future is trading above its technical level of 29000. It seems to sustain on this level which has a major hurdle around 29050. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 28870/28800 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 positive move above the level of 29000.
Silver May future is currently trading in positive scenario, but it is stuck around the technical level of 43000. Going ahead, if Silver future breaks and sustains this higher level it may see more positive trade at 43500. It has a support level around 42600/42350. On the higher side, 43500 will be the major resistance levels. MACD indicator is looking positive only above 43000 levels.
Crude Oil witnessed some signs of recovery from yesterday trading session and came around the technical level of 6050. On the lower side, the major support is 5990/5975 and on the higher side, 6055/6075 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6050.
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 289.40. On the lower side, 287/285 will be the vital support levels. On the other hand, 290/292.50 will be the major resistance level. MACD indicator is looking positive above the level of 290.
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 407.70 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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