Daily Gold/Silver/Crude Oil/Dollar Index Technicals
Gold showed negative movement to close at $1,326, a loss of $12.17. Gold is expected to target the 14-DMA standing at $1,320; where a fall below will lead to further decline towards $1,303. However, any upside will face resistance at $1,344; where a break above is needed to refresh upward momentum. The RSI and the Stochastic Oscillator have generated a Sell signal, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $1,344.
Silver closed the session lower at $16.98, a loss of $0.19. Silver has currently dropped below the 14-DMA that will now provide resistance at $17.07. However, a fall below $16.97 will continue the corrective trend with $16.72 in sight. The RSI and the MACD have moved down, supporting a bearish view. We recommend investors to ‘Sell’ on the higher side, keeping stoploss above the 14-DMA.
Crude oil ended the session higher at $63.94, up $0.19. The current pattern suggests that oil is expected to consolidate at current levels. Meanwhile, a fall below yesterday’s low will initiate the corrective trend with $62.40 as the downside target. However, a break above $64.11 will extend the gain towards $66.05. The indicators are mixed, supporting a neutral view. We recommend investors to ‘Buy on dips’, keeping stop loss below $63.23.
The USD index showed positive movement to close at 90.62, up 0.40 points. The current formation is an Engulfing Bull, which indicates a positive trend ahead. Moreover, the Stochastic Oscillator has improved and the RSI has generated a Buy signal, supporting the above view. A break above yesterday’s high will target 90.87, followed by 91.43. However, any downside will find support at 89.95. We recommend investors to ‘Buy on dips’, keeping stop loss below 89.95.
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