Daily Trade Technical Gold/Silver/Crude Oil/Dollar Index
Gold posted a loss of $7.59 to close at $1,313. Gold has currently formed a lower high and lower low that indicates a corrective trend ahead. A fall below yesterday’s low will open the way towards $1,305, which could later extend to $1,292. However, any upside will find resistance at yesterday’s high of $1,320. The RSI and the Stochastic Oscillator have generated a Sell signal, supporting a negative view. We recommend investors to ‘Sell on Strength’, keeping stop loss above $1,320.
Silver extended the decline to close at $16.94, a loss of $0.17. Silver is expected to revisit yesterday’s low of $16.90; where a fall below will lead to further decline towards $16.63. However, any upside will face resistance at $17.12. The RSI and the Stochastic Oscillator have moved down, supporting a bearish view. We recommend investors to ‘Sell’ on the higher side, with risk defined above $17.12.
Upward movement continued for crude oil as it closed at $63.31, up $1.48. If the gain continues, the initial target will be at $63.91, with a chance of later extending towards $65.07. However, any downside will find support at yesterday’s low of $61.75. The RSI and the MACD are rising, supporting a positive view. Investors are recommended to ‘Buy on dips’, keeping stop loss below $61.75.
The USD index showed positive movement to close at 92.21, up 0.14 points. The index is expected to re-test resistance at the 14-DMA; where a break above will target 92.63, followed by 92.91. However, any downside will find support at 91.94. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stop loss below 91.94
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