Daily Trade Gold/Silver/Oil/Dollar Index

Gold extended the gain to close at $1,292, up $11.69. Gold has currently closed above the 50-DMA indicating potential for further upside. The next target is established at $1,305, with a chance of later extending towards $1,322. However, any downside will find support in the range of $1,280-$1,285. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below the 14-DMA.

Silver closed the session higher at $17.11, a gain of $0.17. Silver is expected to re-test resistance at the 200-DMA; where a break above will kick off the uptrend with $17.45 and $17.78 as the next targets. However, any downside will find support at yesterday’s low of $16.93. The RSI and the MACD have improved, suggesting a positive trend ahead. We recommend investor to ‘Buy’ above the 200-DMA.

Positive movement continued for Crude Oil as it gained $0.91 to close at $57.94. Oil has currently formed a higher high and higher low that indicates potential for further upside. The upside target remains intact at $59.96, however, any downside will find support at $57.02, followed by the 14-DMA at $56.58. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below the 14-DMA.

The USD index posted a sharp decline to close at 93.12, down 0.75 points. The index has dropped below the 50-DMA which indicates potential for further downside. A fall below yesterday’s low will open the way towards 92.57, followed by 91.99. However, any upside will face resistance at 93.44 (50-DMA). The RSI and the MACD are heading down, supporting a bearish view. Investors are recommended to ‘Sell on Strength’, keeping stop loss above the 50-DMA.

(This is learning education about Forex not advise to buy or sell)