Commodity Focus: Technical View for June 04, 2014
Suparna / 04 Jun 2014
Bullions are trading with positive sentiment today as Gold August future opened in the positive territory, whereas Silver May future is also trading positive. Crude Oil witnessed positive trade from morning session around the technical level of 6130. Natural Gas is trading positive and going ahead may touch a further higher level, while Copper future witnessed perpendicular fall from 410 level.
Gold August future opened on a positive sentiment in the morning trading session. In the present scenario Gold future is trading below its technical level of 26000 but it looks to break this level. Going ahead, Gold future may continue with the current momentum to make new highs. On the lower side, 25800/25680 will act as a major support level for further sessions. On the other hand, 25980/26090 will be the major hurdle. MACD indicator is indicating a positive move above the level of 25850.
Silver May future is currently trading positive, but it is comes around the technical level of 39900. Going ahead, if Silver future breaks and sustains this lower level, it may see more positive trade around 40000. However, it has a support level around 39700/39570. On the higher side, 40050/40250 will be the major resistance levels. MACD indicator is looking positive only above 40050 levels.
Crude Oil witnessed positive trade from morning session around the technical level of 6130. On the lower side, the major support is 6090/6075 and on the higher side, 6145/6160 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6150.
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 276.60. On the lower side, 273/270 will be the vital supports levels. On the other hand, 277/279.80 will be the major resistance level. MACD indicator is looking positive above the level of 276.60.
Copper future witnessed perpendicular fall from 410 level. It is indicating bearish scenario when it broke the level of 408. On the current scenario the level of 405 will act as a support level for further trade. On the higher side the level of 409/411 will be the major hurdles level. MACD indicator is negative below 407 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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