Safe Trade Commodities Market: Technical Outlook 8/11/2017
Research Date: 8-11-2017
November 08, 2017 (Commodities)
yesterday’s low of $1,272; where a fall below will target the 200-DMA at $1,262. However, a
break above yesterday’s high will extend the gain towards $1,296 (50-DMA). The indicators are
mixed,
supporting a neutral view. We recommend investors to ‘Sell’ below $1,272.
Silver posted a loss of $0.31 to close at $16.92. Silver is expected to revisit yesterday’s low of
$16.90; where a drop below will resume the downtrend with $16.31 as the next target. However,
any upside will face resistance in the range of $16.96-$17.21. The RSI and the MACD have shown
weakness, suggesting a negative trend ahead. We recommend investors to ‘Sell’ below $16.90.
Crude oil adjusted its previous gains to close at $57.03, down $0.31. Oil is expected to re-test
support at yesterday’s low of $56.96; where a fall below will initiate the corrective trend with
$53.94 in sight. However, a break above yesterday’s high will continue the uptrend with $58.78 as
the next target. The RSI has shown weakness, while the MACD is rising, supporting a neutral view.
We recommend investors to stop buying below $56.96.
The USD index ended the session higher at 94.80, up 0.20. The current pattern suggests
that the index is consolidating at current levels. Meanwhile, a break above 95.05 (yesterday’s
high) will resume the uptrend. However, a fall below 94.58 will extend the decline towards 94.21
(14-DMA). The RSI and the MACD have moved up, suggesting a positive trend ahead. We
recommend investors to ‘Buy’ above 95.05.
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