Daily Trade Gold/Silver/Crude Oil/Dollar Index
Upward movement continued for gold as it closed at $1,287, a gain of $4.29. If the gain continues, the initial target will be at $1,299, with a chance of later extending towards $1,314. However, any downside will find support at yesterday’s low of $1,281. Meanwhile, the RSI and the MACD are heading up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below $1,281.
Silver posted a gain of $0.14 to close at $16.65. Silver has currently closed above the 50-DMA indicating potential for further upside. The next target is established at the 200-DMA that is standing at $16.95. However, any downside will find support at $16.47; where a fall below will kick off the corrective trend. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below $16.47.
Crude oil consolidated its previous gains to close at $59.54, down $0.20. Oil is expected to re-test resistance at yesterday’s high of $59.91; where a break above will target $60.82, followed by $62.00. However, a fall below yesterday’s low will initiate the corrective trend with $57.78 in sight. The indicators are mixed, supporting a neutral view. We recommend investors to ‘Buy on dips’, with risk defined below $59.30.
Decline continued for the USD index as it closed at 92.64, down 0.16 points. The index has formed a lower high and lower low that indicates further downside. A fall below 92.52 will open the way towards 92.41, followed by 91.88. However, any upside will face resistance at yesterday’s high of 92.85. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to ‘Sell on Strength’, keeping stop loss above 92.85.
Leave a Comment