Daily Gold/Silver/Crude Oil/Dollar Index Levels
Gold witnessed a range bound session to close at $1,334, up $2.38. Gold is expected to revisit yesterday’s high of $1,335; where a break above will resume the uptrend with $1,345 and $1,366 as the next targets. However, any downside will find support at the 14-DMA standing at $1,326. The RSI and the Stochastic Oscillator have moved up, suggesting higher price movement in the near term. We recommend investors to ‘Buy’ above $1,335.
Silver showed range bound activity to close flat at $16.99. Silver is currently trading below the 14-DMA that will restrict upside at $17.07; where a break above will resume the uptrend. However, any downside will find support at $16.93; where a fall below will find support at $16.87 (200-DMA). The indicators are mixed, signaling no clear trading view. We recommend investors to stop selling above the 14-DMA.
Crude oil after making a low of $63.01 recovered to close at $63.84, up 0.46. Oil is expected to re-test resistance at $64.07; where a break above will resume the uptrend with $64.80 and $66.06 in sight. However, any downside will find support at the 14-DMA standing at $63.17. The RSI and the Stochastic Oscillator have shown improvement, suggesting a positive trend ahead. We recommend investors to ‘Buy’ above $64.07.
The USD index consolidated for another session to close at 90.13, a loss of 0.35 points. The index is expected to revisit yesterday’s high of 90.48; where a break above will extend the gain towards 90.87, followed by 91.43. However, any downside will target 89.61. The RSI has moved down, while the Stochastic Oscillator is rising, supporting a neutral view. We recommend investors to ‘Buy on dips’, keeping stop loss below 89.94.
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