Daily Gold/Silver/Crude Oil/Dollar Index Levels
Gold ended the session higher at $1,331, up $4.68. Gold is expected to revisit Friday’s high of $1,338; where a break above will resume the uptrend with $1,345 and $1,366 in sight. However, any downside will find support in the range of $1,324-$1,327. The RSI has improved, while the MACD is heading down, supporting a neutral view. We recommend investors to stop selling above $1,338.
Silver adjusted its previous declines to close at $16.98, up $0.06. Silver is expected to consolidate between the 200-DMA and the 14-DMA standing at $16.87 and $17.08, respectively. A break above or below is needed for a directional move. Meanwhile, the indicators are mixed, signaling no clear trading view. We recommend investors to stay sellers below the 14-DMA.
A steady downtrend continued for crude oil as it closed at $63.38, down $0.22. Oil is expected to re-test support at the 14-DMA; where a fall below will extend the decline towards $61.47. However, any upside will find resistance at Friday’s high of $63.67; where a break above will resume the uptrend. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to ‘Sell on Strength’, keeping stoploss above $63.67.
The USD index posted a gain of 0.19 points to close at 90.48. If the gain continues, the initial target will be at 90.87, with a chance of later extending towards 91.43. However, any downside will find support at Friday’s low of 89.94; where a fall below will target 89.61. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below 89.94.
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