Commodity Focus: Technical View for June 02, 2014
Suparna / 02 Jun 2014
Bullions are trading on a mix note today as Gold June future opening to a negative sentiment, whereas Silver May future is currently trading with nominal positive movement. Crude Oil witnessed negative trade from morning session around the technical level of 6100. Natural Gas is trading on a positive note, 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, 26740/26680 will act as a major support level for further sessions. On the other hand, 26830/26900 will be the major hurdle. MACD indicator is indicating a negative move below the level of 26700.
Silver May future is currently trading with nominal positive move, but it is comes around the technical level of 39700. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade around 39650. However, it has a support level around 39500/39380. On the higher side, 39750/39900 will be the major resistance levels. MACD indicator is looking negative only below 39500 levels.
Crude Oil witnessed negative trade from morning session around the technical level of 6100. On the lower side, the major support is 6080/6065 and on the higher side, 6135/6150 will be the major resistance levels. MACD indicator is looking negative below the technical level of 6080.
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 273.30. On the lower side, 270/269.40 will be the vital supports levels. On the other hand, 274/275.80 will be the major resistance level. MACD indicator is looking positive above the level of 273.30.
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 417.40/419 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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