Commodity Focus: Technical View for May 26, 2014
Suparna / 26 May 2014
Bullions are trading with positive sentiment today as Gold June future opened on a positive note, whereas Silver May future is also trading in the green zone. Crude Oil witnessed positive trade around the technical level of 6120. Natural Gas future had positive move in today’s trading session, while Copper future recovered from lower level and crossed the technical level of 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 27030 and it looks to sustain around this level. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 27100/27040 will act as a major support level for further sessions. On the other hand, 27410/27450 will be the major hurdle. MACD indicator is indicating a positive move above the level of 27400.
Silver May future is currently trading in positive scenario, but it is stuck around the technical level of 41050. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade above 41000. However, it has a support level around 40770/40500. On the higher side, 41100 will be the major resistance levels. MACD indicator is looking positive only above 41100 levels.
Crude Oil witnessed positive trade from morning session around the technical level of 6120. On the lower side, the major support is 6085/6050 and on the higher side, 6140/6165 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6130.
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 resistance at 258.80. On the lower side, 256/254.50 will be the vital support levels. On the other hand, 260/262 will be the major resistance level. MACD indicator is looking positive above the level of 260.
Copper future recovered from lower level and crossed the technical level of 415.90. It is indicating some bounce back scenario when it broke the level of 410. On the current scenario the level of 413 will act as a vital support level for further trade. On the higher side the level of 416/418.20 will be the major hurdles level. MACD indicator is positive above 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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