Gold resumed its uptrend to close at $1,225, up $17.01. The current formation is an Engulfing Bull which indicates continuation of the uptrend. The initial upside target is at $1,235, with a chance of later extending towards $1,263. However, the 14‐DMA will continue to provide support at $1,207. The indicators are mixed, signaling no clear trading view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 14‐DMA..
Silver closed the session higher at $15.27, up $0.33. Silver has closed above the 14‐DMA indicating a positive trend ahead. A rise above yesterday’s high will target $15.55, followed by $15.94. However, any downside will find support at $15.13. The RSI and the Stochastic Oscillator are heading up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below $15.13.
Crude oil lost $1.98 to close at $31.34. Oil has currently dropped below the 50‐DMA and is expected to test support at $30.92 (14‐DMA); where a fall below will resume the downtrend with $29.2 in sight. Meanwhile, the 50‐DMA will provide resistance at $32.93. The RSI and the Stochastic Oscillator are heading down, suggesting a lower price movement in the near term. We recommend investors to ‘Sell’ below the 14‐DMA. The USD index extended the gain to close at 97.46, up 0.09 points. The upside target remains intact at 97.94, followed by the 50‐DMA at 98.17. However, any downside will find support at the 200‐DMA which stands at 97.06. Meanwhile, the RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to ‘Buy on dips’, with risk defined below the 200‐DMA.