Commodity Focus: Technical View for May 19, 2014
Suparna / 19 May 2014
Bullions are positive today with Gold June future opening on a positive sentiment, while Silver May future also riding on a positive scenario. Crude Oil witnessed some positive trade from morning session and came around the technical level of 6000. Natural Gas future witnessed positive move in today’s trading sessions, whereas Copper future consolidates around the levels of 412-415.
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 28200 and it looks to sustain above this level. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 28150/28120 will act as a major support level for further sessions. On the other hand, 28250/28280 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28250.
Silver May future is currently trading in positive scenario, but it is stuck around the technical level of 41250. Going ahead, if Silver future breaks and sustains this higher level, it may see more positive trade above 41500. However, it has a support level around 40900/40750. On the higher side, 41400 will be the major resistance levels. MACD indicator is looking positive only above 41400 levels.
Crude Oil witnessed some positive trade from morning session and came around the technical level of 6000. On the lower side, the major support is 5960/5945 and on the higher side, 6025/6040 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 support at Rs 262.10. On the lower side, 258/256 will be the vital support levels. On the other hand, 263/265.40 will be the major resistance level. MACD indicator is looking positive above the level of 263.
Copper future consolidates around the levels of 412-415. Till copper future is trading between these levels, it is indicating that copper is in for some range bound trade. On the current scenario the level of 415 will act as a vital support level for further trade. On the higher side the level of 416/417.70 will be the major hurdles level. MACD indicator is negative till it is trading below 415 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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