Daily Trade Metal
Downward movement continued for gold as it closed at $1,247, down $16.27. Gold is expected to re-test support at yesterday’s low of $1,244; where a fall below will target $1,228. However, any upside will face resistance at yesterday’s high of $1,264. The RSI and the MACD are heading down, supporting a bearish view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $1,264.
Bears continued to dominate the session as silver lost $0.20 to close at $15.71. If the decline continues, the initial target will be at $15.52, with a chance of later extending towards $15.34. However, any upside will face resistance at $15.97 (yesterday’s high). The RSI and the MACD are moving down, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stop loss above $15.97.
Crude oil adjusted its previous decline to close at $56.59, up $0.63. Oil is expected to target the 14-DMA standing at $57.46; where a break above will resume the uptrend. However, any downside will find support at yesterday’s low of $55.84. The indicators are mixed, supporting a neutral view. We recommend investors to stay sellers below the 14-DMA.
Upward movement continued for the USD index as it closed at 93.74, up 0.24 points. The index has closed above the 50-DMA, making a higher high and higher low that indicates potential for further upside. A break above yesterday’s high will target 94.04, followed by 95.05. However, any downside will find support at 93.48. The RSI and the MACD are rising, supporting a positive view. Investors are recommended to ‘Buy on dips’, keeping stop loss below 93.48.
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