Commodity Focus: Technical View for June 5, 2014
Suparna / 05 Jun 2014
Bullions are trading with negative sentiment today as Gold August future opened on a nominal negative note, while Silver May future also trading in the red zone. Crude Oil witnessed negative trade from morning session around the technical level of 6080. Natural Gas is trading with positive bias and going ahead, it may touch a further higher level, whereas Copper future is observing negative sentiment as it is trading below 407.
Gold August future opened on a nominal negative 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 lows. On the lower side, 25750/25670 will act as a major support level for further sessions. On the other hand, 25870/25950 will be the major hurdle. MACD indicator is indicating a negative move below the level of 25850.
Silver May future is currently trading negative, but it’s 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 39500. However, it has a support level around 39650/39420. On the higher side, 39850/40150 will be the major resistance levels. MACD indicator is looking negative only below 39600 levels.
Crude Oil witnessed negative trade from morning session around the technical level of 6080. On the lower side, the major support is 6070/6055 and on the higher side, 6120/6140 will be the major resistance levels. MACD indicator is looking negative below the technical level of 6050.
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 278.20. On the lower side, 276/274 will be the vital supports levels. On the other hand, 279/281.20 will be the major resistance level. MACD indicator is looking positive above the level of 278.20.
Copper future witnessed negative sentiment as it is trading below 407. It is indicating bearish scenario as it broke the level of 405. On the current scenario the level of 401 will act as a support level for further trade. On the higher side the level of 407/410 will be the major hurdles level. MACD indicator is negative below 405 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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