Daily Gold/Silver/Crude Oil/Dollar Index Levels
Gold witnessed a low range activity to close flat at $1,327. Gold is expected to test support at the 14-DMA; where a fall below will open the way towards $1,303. However, any upside will face resistance at $1,333; where a break above will resume the uptrend. The Stochastic Oscillator and the MACD are heading down, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $1,333.
Downward movement continued for the silver as it closed at $16.92, a loss of $0.06. Silver is expected to trade between the 200-DMA and the 14-DMA that are standing at $16.88 and $17.08. A break above or below is needed for a directional move. Meanwhile, the RSI and the MACD are moving down, supporting a bearish view. Investors are recommended to stay sellers below the 14-DMA.
Crude oil posted a decline of $0.34 to close at $63.60. The current formation is an Engulfing Bear, which indicates a negative trend ahead. Moreover, the Stochastic Oscillator has moved down and the RSI has generated a Sell signal, supporting the above view. A fall below yesterday’s low will target $62.67 (14-DMA), followed by $61.47. However, a break above yesterday’s high will invalidate the bearish view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $64.23.
The USD index closed the session lower at 90.29, down 0.33 points. The index is expected to re-test support at yesterday’s low of 90.19; where a fall below will resume the downtrend with 89.61 in sight. However, a break above 90.75 will extend the gain towards 90.87, followed by 91.43. The indicators are mixed, supporting a neutral view. We recommend investors to stop buying below 90.19.
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