Commodity Focus: Technical View for May 27, 2014
Suparna / 27 May 2014
In the present scenario Gold future is trading around its technical level of 27250 and it looks to sustain below this level, while Silver May Future is stuck around the technical level of 40800. Crude Oil witnessed negative trade from morning session. Natural Gas had a flattish trade today, whereas Copper future was range bound around current level which is 415.
Gold June future opened on a negative sentiment in the morning trading session. In the present scenario Gold future is trading around its technical level of 27250 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, 27150/27070 will act as a major support level for further sessions. On the other hand, 27350/27420 will be the major hurdle. MACD indicator is indicating a negative move below the level of 27250.
Silver May future is currently trading with negative scenario, but it is stuck around the technical level of 40800. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade around 40200. However, it has a support level around 40600/40350. On the higher side, 40850 will be the major resistance levels. MACD indicator is looking negative only below 40700 levels.
Crude Oil witnessed negative trade from morning session around the technical level of 6145. On the lower side, the major support is 6130/6090 and on the higher side, 6155/6170 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6155.
Natural Gas future witnessed flattish 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 259.80. On the lower side, 257.30/255.20 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 is range bound around the current level which is 415. It is indicating sideways scenario when it broke the level of 415. On the current scenario the level of 415 will act as a pivot level for further trade. On the higher side the level of 416/418.20 will be the major hurdles level. MACD indicator is negative 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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