Commodity Focus: Technical View for May 28, 2014
Suparna / 28 May 2014
Bullions are trading with negative scenario today as Gold June future opened with a negative sentiment, Silver May future is also trading in the negative zone. Crude Oil witnessed negative trade from the morning session around the technical level of 6140. Natural Gas future witnessed positive move in today’s trading sessions, while Copper future is range bound around the 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 below its technical level of 27000 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, 26700/26640 will act as a major support level for further sessions. On the other hand, 26850/26900 will be the major hurdle. MACD indicator is indicating a negative move below the level of 26800.
Silver May future is currently trading with negative scenario, but it is comes around the technical level of 40000. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade around 39850. However, it has a support level around 39800/39650. On the higher side, 40450 will be the major resistance levels. MACD indicator is looking negative only below 40300 levels.
Crude Oil witnessed negative trade from morning session around the technical level of 6140. On the lower side, the major support is 6130/6095 and on the higher side, 6165/6180 will be the major resistance levels. MACD indicator is looking negative below the technical level of 6140.
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 268.80. On the lower side, 265.30/263.20 will be the vital support levels. On the other hand, 270/272 will be the major resistance level. MACD indicator is looking positive above the level of 269.
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 417/419.40 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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