Daily Trade Technical Gold/Silver/Crude oil/Dollar Index
Gold closed the session lower at $1,319, a loss of $3.54. The current pattern suggests that gold is expected to consolidate at current levels. Meanwhile, a fall below Fridays’ low will kick off the corrective trend with $1,305 and $1,287 in sight. However, a break above $1,323 will continue the uptrend with $1,338 as the next target. The indicators are mixed, supporting a neutral view. We recommend investors to ‘Sell’ below $1,313.
Silver extended the decline to close at $17.18, down $0.01. Silver is expected to test support at the 200-DMA; where a fall below will kick off the downtrend. However, any upside will find resistance at $17.27; where a break above will target $17.36 and $17.77 as the next targets. Investors are recommended to stay ‘long’ above the 200-DMA.
Crude oil posted a loss of $0.28 to close at $61.50. Oil is expected to revisit Friday’s low of $61.07; where a fall below will initiate the corrective trend with $59.36 as the downside target. However, a break above Friday’s high will extend the gain towards $63.17. The RSI has moved down, while the MACD is rising, signaling no clear trading view. We recommend investors to ‘Sell’ below $61.07.
The USD index consolidated its previous decline to close at 91.72, up 0.14 points. The index is expected to re-test resistance at 91.82; where a break above will kick off the upward correction with 92.48 in sight. However, any downside will find support at 91.49, followed by 91.00. The RSI and the Stochastic Oscillator have moved up, suggesting a positive trend ahead. We recommend investors to ‘Buy’ above 91.82.
Leave a Comment