Daily Trade Gold/Silver/Crude Oil/Dollar Index

Commodities Research Report - Nov 29, 2017

Gold consolidated its previous gain to close at $1,294, down $0.61. The current pattern suggests that gold is expected to consolidate at current levels. Meanwhile, a break above yesterday’s high will extend the gain towards $1,305, with a chance of later extending towards $1,322. However, any downside will find support at $1,290, followed by the 50-DMA at $1,283. The indicators are mixed, supporting a neutral view. We recommend investors to ‘Buy on dips’, keeping stop loss below the 50-DMA.

Silver posted a decline of $0.17 to close at $16.84. Silver has currently dropped below the 50-DMA and the 14-DMA that will now provide resistance at $16.95 and $17.00, respectively. However, a fall below yesterday’s low will continue the downtrend with $16.59 and $16.30 as the next targets. The RSI and the MACD are heading down, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stop loss above the 14-DMA.

Crude oil ended the session lower at $57.70, down $0.11. Oil is expected to test support at the 14-DMA; where a fall below will kick off the downtrend. However, any upside will face resistance at yesterday’s high of $58.10. The RSI and the MACD have moved down, suggesting a negative trend ahead. We recommend investors to ‘Sell’ below the 14-DMA.

The USD index extended the gain to close at 93.17, up 0.35 points. If the gain continues, the target will be at the 14-DMA that stands at 93.60. However, any downside will find support at yesterday’s low of 92.74. The RSI has improved and the Stochastic Oscillator has generated a Buy signal, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below 92.74.

(This Is Only Market Moves Knowledge Not recommendation buy or Sell)