Technical Outlook For Gold, Silver & US Dollar Index: 30.11.2018

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With the resistance-line of near-term symmetrical triangle restricting Gold’s repeated upside attempts, the $1217.50 and 100-day SMA level of $1211.00 may come back on the chart; though, formation-support, around $1203 can limit the quote’s additional declines. Should the Bullion drops beneath $1203 on a daily closing basis, the $1200, the $1195 and the $1188 are likely following numbers to flash on sellers’ radar. Alternatively, a daily break above $1230 trend-line mark could escalate the yellow-metal’s recovery to $1238-40 resistance-region, which if broken might please buyers with $1250 round-figure but $1259, including 200-day SMA, seems a tough challenge for them afterwards. Assuming the metal’s rise past-$1259, the $1265 & $1278 may gain market attention.


Silver is also witnessing trend-line hurdle to north and is testing the $14.25-20 support-zone, breaking which $14.10-05 and the $13.95 can grab the limelight. Given the white-metal keep trading southwards beneath $13.95, the $13.85 and the $13.60 might become Bears’ favorites. Meanwhile, upside break of $14.40 could propel prices to $14.55-60 resistance-zone. In case Bulls refrain to respect $14.60, the $14.80, the $14.90 and the $15.00 may lure them.

US Dollar Index [I.USDX]

Two-month old ascending trend-channel portrays the US Dollar Index strength to again confront the 97.10 & 97.70 resistances but 61.8% FE level of its recent pullback and upper-line of the said channel, at 98.50 now, could confine the gauge’s further advances. Given the greenback strength fuel the index beyond 98.50, the 99.00 & 100% FE level of 100.00 psychological magnet may appear in demand. On the downside, channel-support of 96.50 and the 96.00 can act as adjacent rests before highlighting the 95.65-60 support-confluence, encompassing 100-day SMA & an upward slanting TL. It should also be noted that a D1 close below 95.60 might not  hesitate fetching the quote to the 95.00, the 94.40 and the 200-day SMA level of 93.90 consecutive supports.

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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