Commodity Focus: Technical View for May 23, 2014
Suparna / 23 May 2014
Bullions are trading on some negative note today as Gold June future is trading on a weaker note while Silver May future is also showing some negative scenario. Crude Oil witnessed some positive trade from the morning session. Natural Gas future witnessed up-move in today’s trading session, whereas Copper future recovered from the lower level and came above 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 looks to sustain below this level. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 27150/27050 will act as a major support level for further sessions. On the other hand, 27350/27400 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 40650/40480. On the higher side, 41150 will be the major resistance level. MACD indicator is looking negative only above 41000 level.
Crude Oil witnessed positive trade in the morning session and was trading around the technical level of 6080. On the lower side, the major support level is 6065/6050 and on the higher side, 6120/6155 will be the major resistance level. MACD indicator is looking positive above the technical level of 6100.
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 256.10. On the lower side, 255/253.20 will be the vital support level. On the other hand, 258/259.90 will be the major resistance level. MACD indicator is looking positive above the level of 256.50.
Copper future recovered from lower level and crossed the technical level of 410. It indicated some bounce back scenario when it broke the level of 410. 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 412/413.90 will be the major hurdle level. MACD indicator is positive above 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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