Commodity Focus: Technical View for May 22, 2014
Suparna / 22 May 2014
Bullions were witnessed trading on a mixed note today, as Gold June future opened on a weaker note, while Silver May future showed some positive scenario. Crude Oil witnessed choppy trade from morning sessions. Natural Gas future witnessed negative move in today’s trading sessions, whereas Copper future continued with bearish sentiment below 410 level.
Gold June future opened on a negative sentiment in the morning trading session. In the present scenario, Gold future is trading below its technical level of 27200 and it is expected to sustain below this level. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 27120/27000 will act as a major support level for further sessions. On the other hand, 27300/27380 will be the major hurdle. MACD indicator is indicating a negative move below the level of 27200.
Silver May future is currently trading positive, but it is stuck around the technical level of 41000. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade below 41000. However, it has a support level around 40750/40520. On the higher side, 41300 will be the major resistance level. MACD indicator is looking negative only above 41000 level.
Crude Oil witnessed a choppy trade from the morning session and came around the technical level of 6100 and also made a low at 6082. On the lower side, the major support level is 6075/6060 and on the higher side, 6120/6145 will be the major resistance level. MACD indicator is looking positive above the technical level of 6130.
Natural Gas future witnessed negative 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 resistance level at Rs 263.50. On the lower side, 261/259.40 will be the vital support level. On the other hand, 265/267.70 will be the major resistance level. MACD indicator is looking positive above the level of 263.50.
Copper future breaks and sustains below the technical level of 410. It indicated some bearish scenario when it broke the level of 406. In the current scenario, the level of 405 will act as a vital support level for further trade. On the higher side, the level of 410/411.90 will be the major hurdle level. MACD indicator is negative 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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