Daily Trade Gold/Silver/Oil/Dollar Index

Gold witnessed a range bound activity to close at $1,291, down $0.93. The upside 
target for gold remains intact at $1,305, with a chance of later extending towards 
$1,322. However, any downside will find support in the range of $1,281-$1,284. The 
MACD and the Stochastic Oscillator are moving up, supporting a positive view. We 
recommend investors to ‘Buy on dips’, with risk defined below the 14-DMA.

Silver consolidated for another session to close at $17.08, down $0.03. Silver is expected to re-test resistance at the 200-DMA; where a break above will open the way towards $17.45, followed by $17.78. However, any downside will revisit yesterday’s low of $17.05, followed by the 50-DMA at $16.97. The Stochastic Oscillator and the MACD have moved up, suggesting a positive trend ahead. We recommend investors to go ‘long’ above the 200-DMA.

Another positive session was witnessed for crude oil as it closed at $58.49, up $0.55. If the gain continues, the likely target will be at $59.96. However, any downside will revisit yesterday’s low of $57.70; where a fall below will target the 14-DMA at $56.77. The RSI and the MACD are on a rising trend, supporting a positive view. Investors are recommended to ‘Buy’ at lower levels, with risk defined below the 14-DMA.

Downward movement continued for the USD index as it closed at 93.03, a loss of 0.09 points. The index has formed a lower high and lower low that indicates potential for further downside. The downside target remains intact at 92.57, which could later extend to 91.99. However, any upside will find resistance at 93.20. The RSI and the Stochastic Oscillator are heading down, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stop loss above 93.20.

(This is just information not advise to buy or sell)