Daily Trade Gold/Silver/Crude Oil/Dollar Index

Commodities Research Report - Nov 28, 2017

Gold showed positive movement to close at $1,294, up $5.80. The current formation is an Engulfing Bull, which indicates potential for further upside. The upside target remains intact at $1,305, which could later extend to $1,322. However, any downside will find support in the range of $1,283-$1,287. The RSI and the MACD are heading up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below the 14-DMA.

Range bound activity continued for silver as it closed flat at $17.01. Silver is expected to trade between the 50-DMA and the 200-DMA that stands at $16.96 and $17.11, respectively. A break above or below is needed for a directional move. The indicators are mixed, supporting a neutral view. We recommend investors to stay sellers below the 200-DMA.

Crude oil posted a decline of $1.02 to close at $57.81. The current formation is an Engulfing Bear, which indicates a negative trend ahead, however, a confirmation is required. Meanwhile, the 14-DMA will provide support at $56.93; where a fall below will confirm the bearish view. However, any upside will face resistance at $58.93. Meanwhile, the RSI has generated a Sell signal, suggesting a negative trend ahead. We recommend investors to ‘Sell’ below the 14-DMA.

The USD index after making a low of 92.41 recovered to close at 92.82, up 0.12 points. The index is expected to revisit yesterday’s high of 92.85; where a break above will kick off the uptrend with 93.71 in sight. However, any downside will find support at yesterday’s low of 92.41. The RSI has improved, while the MACD is heading down, supporting a neutral view. We recommend investors to ‘Buy’ above 92.85.

(This is market research Only not advise to buy or sell)