Daily Gold/Silver/Crude Oil/Dollar Index and Market Commentary

Bulls continued to dominate the session as gold gained $15.05 to close at $1,337. If the gain continues, the target will be at $1,362, however, any downside will find support at Friday’s low of $1,321; where a fall below will kick off the downtrend. Meanwhile, the RSI and the Stochastic Oscillator are on a rising trend, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below $1,321.

Silver showed positive movement to close at $17.20, up $0.24. Silver is expected to revisit Friday’s high of $17.27; where a break above will extend the gain towards $17.36, with a chance of later extending towards $17.77. However, any downside will find support at $16.90 (200-DMA). The RSI and the Stochastic Oscillator have moved up, supporting a positive view. Investors are recommended to ‘Buy’ at lower levels, keeping stoploss below the 200-DMA.

Crude oil closed the session higher at $64.26, a gain of $0.86. The current pattern suggests that oil is expected to consolidate at current levels. Meanwhile, a break above $64.38 will continue the uptrend with $66.05 and $68.44 as the next targets. However, any downside will find support at $62.96 (Friday’s low); where a fall below will kick off the corrective trend. The RSI and the MACD are heading up, supporting a positive view. We recommend investors to ‘Buy on dips’, with risk defined below $62.96.

Bearish movement continued for the USD index as it lost 1.05 points to close at 90.58. If the decline continues, the initial target will be at 90.23, which could later extend to 90.02. However, any upside will find resistance at Friday’s high of 91.61. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to ‘Sell’ on the higher side, keeping stoploss above 91.61.

CoT Report: Speculators Clamor to Buy Gold, Oil Extreme Still Irrelevant (15-Jan-2018    at   02:23:00 pm)

The most recent CoT report showed continued aggressive buying in precious metals and a further increase in the record long built up by large speculators in oil. 

‎US Dollar Index (DXY) Forecast: Pessimism Holds on Move to 2009 Extreme (15-Jan-2018    at   12:21:00 pm)

The US Dollar Index (DXY) seemed ripe to strengthen with the most hawkish major central bank and surprisingly good data, but other factors appear to be dominating the flow that has USD being sold.

USD/JPY Rate Forecast: USD Weakness Dominates 2018 Open (15-Jan-2018    at   11:20:00 am)

The USD/JPY rate has persistently pushed lower to open 2018 and is now facing a significant technical trading test that could open the gates of capital flow if the level breaks. 

ASX 200 Technical Analysis: Uptrend Threatened But Sill Holding (15-Jan-2018    at   06:30:00 am)

The ASX 200’s impressive uptrend has been threatened by a single day’s clear weakness. While things now look unarguably dicier for the bulls, there need be no rush for the exits here. 

Gold Prices Echo US Dollar Weakness, Crude Oil Gains with Stocks (15-Jan-2018    at   01:00:00 pm)

Gold prices rose as the US Dollar conspicuously failed to capitalize on a pickup in local core inflation while crude oil prices enjoyed a pickup in risk appetite, rising alongside stocks. 

Australian, New Zealand Dollars Buoyed by Rate Hike Speculation (15-Jan-2018    at   10:03:00 am)

The Australian and New Zealand Dollars returned to the offensive Monday, seemingly buoyed by swelling regional interest rate hike speculation.