Technical Checks For Gold, WTI Crude Oil & US Dollar Index: 02.06.2017

GOLD

Having failed to sustain the $1271 break, the Gold prices are presently declining towards $1256-55 support-confluence, including 50-day SMA & 23.6% Fibonacci Retracement level ahead of the crucial US Jobs report. Given the upbeat details drag the bullion below $1255, the $1246 and the 100-day SMA level of $1239 might entertain short-term sellers before an upward slanting trend-line support, at $1230, restrict its following declines. In case of the metal’s close below $1230, chances of re-witnessing $1218, $1215 and the $1208 can’t be denied. Alternatively, disappointing US numbers can propel the Gold to confront $1271 and then to the $1280 trend-line, breaking which it becomes capable enough to aim for $1291 and the $1300 round-figure. Should the quote successfully trades beyond $1300, $1311 & $1318 are likely resistances to appear on the chart.

WTI CRUDE OIL

Unlike Gold, which is trading near the support, the WTI Crude has already confirmed a short-term Head & Shoulders formation by breaking the $47.90-80 horizontal-line, that in-turn signals the downward trajectory towards $46.00, $45.50 and the $45.10 prior to making sellers expect $43.55 comeback. However, a break above $47.90, also surpassing the $48.00 round-figure, could negate the Bearish technical pattern and can propel energy prices to $48.70 & $49.30 and then to the $50.00 psychological magnet. During the Crude’s further advances beyond $50.00, the $50.30, $50.70 and the $51.50 are likely north-side numbers to please buyers.

US Dollar Index [I.USDX]

US Dollar Index [I.USDX] is presently trading around 96.90-80 important horizontal-region, breaking which it can quickly plunge to 96.30 and the 95.75 support-levels. Given the greenback gauge continue declining after 95.75, the 95.00 and 94.20 could offer intermediate halts to its south-run towards 93.50 and then the 93.00. Meanwhile, 97.55 can act as immediate resistance for the index, clearing which 98.15, 98.70 and the 99.15 are expected consecutive resistances to observe. If the quote manages to surpass 99.15, 200-day SMA level of 99.40 could become a small barrier for it to conquer before the 100.00 psychological magnet, including 100-day SMA & five-month old descending TL, could restrict further upside by the gauge.

Cheers and Safe Trading,
Anil Panchal