Technical Checks For Gold, WTI Crude Oil & US Dollar Index: 07.09.2018

GOLD

Unless defying short-term symmetrical triangle, presently occupying the region between $1206 and the $1191, Gold isn’t likely to register much moves. However, expected strength of the US Dollar is indicating brighter chances for the yellow metal’s decline than the otherwise. In that case, break of $1191 highlights the importance of $1182.50-$1181.50 horizontal-region, which if not respected can further drag the quote to $1173 and the $1160. Assuming disappointments from US employment report dragging the greenback down and helping the safe-haven to surpass $1206 upside barrier, then the $1217-18 and the $1228 could appear in the buyers’ radars to target. Given the Bullion surpasses $1228 mark, the $1235-36 and the $1245 may please the Bulls.

WTI Crude Oil

With the immediate descending trend-line restricting Crude’s near-term advances around $68.50, the energy prices may revisit the $67.30 prior to resting on the $67.00-$66.90 support-zone. Should oil bears dominate after $66.90, the $66.00, the $65.40 and the $64.60 become important to watch. Alternatively, break of $68.50 can trigger the energy instrument’s recovery towards $68.80 and the $70.00 while $71.70 might disappoint the optimists then after. If at all the quote clears $71.70 hurdle, the $72.20 and the $72.70 can act as intermediate halts during its rise to $73.10-20 region.

US Dollar Index [I.USDX]

Following its U-turn from 95.65-75 horizontal-area, the US Dollar Index is likely falling in direction to the ascending trend-line support, at 94.55, which if conquered on a D1 basis could quickly fetch the gauge to 100-day SMA level of 94.30 and then to the 93.50 mark. In case the index keep dropping past-93.50, the 93.10 and the 200-day SMA level of 92.55 may gain market attention. Meanwhile, 95.40 and the 95.65-75 can keep limiting the gauge’s nearby upside, breaking which 96.15 and the 96.80 may mark their presence on the chart. Let’s say the gauge keep rallying beyond 96.80, then the 97.00 and the 97.30 could become analysts’ favorites.