Gold extended its gain to close at $1,229, up $3.2. Gold is expected to revisit its yesterday’s high of $1,253; where a break above will deliver gains towards $1,263. However, any downside will find support at yesterday’s low of $1,222, followed by the 14‐DMA at $1,212. Meanwhile, the indicators are mixed, signaling no clear trading view. We recommend investors to stay ‘long’ above the 14‐DMA.
Silver failed to sustain its intraday high of $15.57 and slid to close at $15.21, down $0.06.Silver has currently dropped below the 14DMA which will now restrict upside at $15.28.
However, the 200‐DMA will provide support at $14.99. We expect silver to consolidate between the 14‐DMA and the 200‐DMA; where a break above or below will provide future direction. We recommend investors to stay ‘long’ above the 200‐DMA. Crude oil ended the session higher at $32.20, up $0.86. Oil is expected to consolidate between the 14‐DMA and the 50‐DMA which stands at $30.96 and $32.83, respectively. A break above or below is needed for future direction. Meanwhile, the RSI and the MACD are heading up, suggesting a positive trend ahead. We recommend investors to ‘Buy on dips’, with risk defined below the 14‐DMA.
The USD index extended the gain to close at 97.49, up 0.03 points. The upside target remains intact at 97.96, followed by the 50‐DMA at 98.15. However, any downside will find support at the 200‐DMA which stands at 97.07. The current formation is of a Spinning Top which indicates consolidation at these levels. 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.