Technical Outlook For Gold, Silver & US Dollar Index: 01.02.2019
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.
US DOLLAR INDEX [I.USDX]
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.
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