Commodity Focus: Technical View for June 10, 2014
Suparna / 10 Jun 2014
Bullions are trading with a positive sentiment but Gold August future is trading below its technical level of 26000, whereas Silver July future is also trading in the green territory. Crude Oil witnessed positive trade from morning session around the technical level of 6200. Natural Gas is trading positive and going ahead may touch a further higher level, while Copper future witnessed negative sentiment as it is trading below 400.
Gold August future opened on a nominal 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, 25950/25870 will act as a major support level for further sessions. On the other hand, 25950/26040 will be the major hurdle. MACD indicator is indicating a positive move above the level of 26000.
Silver July future is currently trading positive, but it comes around the technical level of 40300. Going ahead, if Silver future breaks and sustains this higher level, it may see more positive trade around 40500. However, it has a support level around 40100/39800. On the higher side, 40450/40800 will be the major resistance levels. MACD indicator is looking positive only above 40470 levels.
Crude Oil witnessed positive trade from morning session around the technical level of 6200. On the lower side, the major support is 6180/6165 and on the higher side, 6235/6250 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6227.
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. On the lower side, 273/271.50 will be the vital supports levels. On the other hand, 276/279.50 will be the major resistance level. MACD indicator is looking positive above the level of 279.50.
Copper future witnessed negative sentiment as it is trading below 400. It is indicating bearish scenario as it broke the level of 398. On the current scenario the level of 397 will act as a support level for further trade. On the higher side the level of 400/402 will be the major hurdles level. MACD indicator is negative below the level of 400.
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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