Commodity Focus: Technical View for May 20, 2014
Suparna / 20 May 2014
Bullions are nominally positive today with Gold June future opening on a positive sentiment, while Silver May future also showing some range bound but positive scenario. Crude Oil witnessed some positive trade from morning session and came above the technical level of 6020. Natural Gas future witnessed negative move in today’s trading session, whereas Copper future indicated bearish signal below 412 level
Gold June future opened on a nominally positive sentiment in the morning trading session. In the present scenario, Gold future is trading above its technical level of 28150 and it is expected to sustain above this level. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 28100/28040 will act as a major support level for further sessions. On the other hand, 28250/28320 will be the major hurdle. MACD indicator is indicating a positive move above the level of 28250.
Silver May future is currently trading positively, but it is stuck around the technical level of 41000. Going ahead, if Silver future breaks and sustains this higher level, it may see more positive trade above 41150. However, it has a support level of around 40800/40640. On the higher side, 41200 will be the major resistance level. MACD indicator is looking positive only above 41200 level.
Crude Oil witnessed some positive trade from morning session and came around the technical level of 6020. On the lower side, the major support is 5980/5965 and on the higher side, 6045/6060 will be the major resistance level. MACD indicator is looking positive above the technical level of 6020.
Natural Gas future witnessed positive move in today’s trading session. Going ahead, it may touch a further higher level, if it breaks today’s level which is also the major resistance at Rs 263.40. On the lower side, 261/259 will be the vital support levels. On the other hand, 265/267.40 will be the major resistance level. MACD indicator is looking positive above the level of 263.40.
Copper future breaks its consolidate level which was around 412-415. It indicated some bearish scenario when it broke the level of 412. In the current scenario, the level of 408 will act as a vital support level for further trade. On the higher side, the level of 412/414.70 will be the major hurdle level. MACD indicator is negative below 412 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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