Daily Trade Gold/Silver/Crude Oil/Dollar Index

Commodities Market: Technical Outlook:

 GOLD Bears continued to dominate the session as gold lost $2.54 to close at $1,263. The downside target for gold remains intact at $1,250, which could later extend to $1,242. However, any upside will face resistance at the 200-DMA standing at $1,267, followed by $1,269. The RSI and the MACD have continued to decline, supporting a bearish view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $1,269.

Silver showed negative movement to close at $15.91, a loss of $0.15. Silver has currently formed a lower high and lower low that indicates potential further downside. A fall below yesterday’s low will extend the decline towards $15.82, with a chance of later extending towards $15.52. However, any upside will find resistance at yesterday’s high of $16.13. The RSI and the MACD have moved down, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $16.13.

Crude oil posted a decline of $1.48 to close at $55.96. Oil has currently dropped below the 14-DMA, making a lower high and lower low that indicates potential for further downside. The next target is established at $54.97, followed by the 50-DMA at $54.38. However, any upside will face resistance at $57.47 (14-DMA). The RSI and the Stochastic Oscillator have shown weakness, supporting a bearish view. We recommend investors to ‘Sell on Strength’, keeping stop loss above the 14-DMA.

The USD index closed the session higher at 93.50, up 0.25 points. The index is expected to face resistance at the 50-DMA; where a break above will extend the gain towards 94.04. However, any downside will find support at yesterday’s low of 93.12. The RSI and the Stochastic Oscillator have moved up, suggesting a positive trend ahead. Investors are recommended to ‘Buy’ above the 50-DMA.