Technical Outlook For Gold, Silver & US Dollar Index: 01.02.2019

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Only if the Gold prices manage to post a weekly closing beyond $1306-08 resistance-region, it can confront $1338 TL barrier, else overbought RSI may play its role in dragging the quote to $1300 and then to the $1288 rest-points. In case prices continue trading downwards past-$1288, the $1275 and the $1266 are likely following numbers to appear on the chart. If at all the yellow metal cross the $1308 mark and rise above $1338, it’s rally to $1360 and then to the $1367 can’t be denied. Moreover, the metal’s successful march above $1367 enables it to challenge the $1375 and the $1381 resistance-levels.


With the $16.15-20 horizontal-region again restricting the Silver ‘ upside, the $15.80 regain market attention as a support. Though, the white-metal’s downside under $15.80 may find it hard to sustain for long due to upward slanting support-line at $15.40, adjacent to 200-day SMA level of $15.25 and the 50-day SMA level of $15.05. On the contrary, the precious-metal’s advances after $16.20 helps it to accelerate towards $16.50 and then to $16.70. During additional growth beyond $16.70, the $17.00 and the $17.30-35 can please buyers.


The U.S. Dollar Index (I.USDX) bounced off the 95.25-20 support-confluence, including 200-day SMA and nine-month old ascending trend-line, which in-turn highlights the importance of 96.00 resistances but 96.45-50 resistance-area, comprising 50-day SMA & near-term resistance-line, could limit the gauge’s further rise. Given the pair index rally above 96.50, the 96.70 and the 97.00 may flash on Bulls’ radar. Alternatively, a daily closing under 95.20 can drag the greenback index to 94.75 and then to the 94.40. Also, quote’s further declines below 94.40 may have 93.80 and the 93.20 as follow-on rests.

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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