Gold, back to bullish trend, suggest that buying pressures are on. Nearby resistance is placed at $1,240, followed by $1,263. A break above $1,263 will lead further strengthen towards $1,290. However, any downside will revisit yesterday’s low of $1,201, followed by the 14‐DMA at $1,188. Meanwhile, a positive crossover of moving averages is on a card, adding strength to our bullish view. We continue to favor ‘long’ positions on gold, with risk defined below $1,201.

Silver price is push at a higher level, suggesting buying to continue in the metal. Our view in silver remains bullish as long as the metal holds above the key support located at $15.09 (14‐DMA) and $15.03 (200‐DMA). Meanwhile, a positive crossover of the moving averages has occurred strengthening the positive view. The initial upside target is established at $15.63, with a chance of later extending towards $15.93. Investors are recommended to ‘Buy on dips’, keeping stoploss below the 200‐DMA.

Crude oil declined for the session to close at $30.60, down $0.81. Despite a negative closing, oil registered a higher high that indicates bullish bias is still alive where we expect the 14‐DMA to act as key support level at $29.94. Meanwhile, a rise above yesterday’s high will establish a target at $32.99 (50‐DMA). We recommend investors to stay ‘long’ above the 14‐DMA.

The USD index consolidated for session with a negative bias. The overall picture for the USD index stands negative as the long term moving averages (200‐DMA) is looming ahead that will restrict upside at 97.00. Moreover, a bearish crossover of moving averages has occurred adding further strength to the bearish view. The downside target is established at 96.40, followed by 95.97. We recommend investors to ‘Sell on Strength’, with risk defined above the 200‐DMA.

  Oil Refineries: GRMs rise; postive developments on the horizon – By Foundation Research