Daily Trade Gold/Silver/Crude oil/Dollar Index

Commodities Market: Technical Outlook

Gold posted a gain of $9.57 to close at $1,322. Gold is expected to revisit yesterday’ high of $1,326; where a break above will deliver gains towards $1,338. However, any downside will find support at yesterday’s low of $1,306. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below $1,306.

Silver ended the session higher at $17.19, a gain of $0.09. Silver is currently trading above the 200-DMA that will provide support at $16.94. However, a break above yesterday’s high will continue the uptrend with $17.36 and $17.77 in sight. The RSI and the MACD are heading up, supporting a positive view. We recommend investors to ‘Buy’ at lower levels, with risk defined below the 200-DMA.

Crude oil consolidated its previous gain to close flat at $61.78. The current formation is of a Spinning Top, which indicates consolidation at current levels. Meanwhile, a break above yesterday’s high will extend the gain towards $63.17. However, a fall below $61.49 (yesterday’s low) will kick off the corrective trend. The MACD and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below $61.49.

The USD index ended the session lower at 91.58, down 0.29 points. The index is expected to re-test support at 91.50; where a fall below will extend the decline towards 91.00. However, any upside will face resistance at yesterday’s high of 91.98. The RSI and the MACD are heading down, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stoploss above 91.98.