Technical Outlook Of Gold, Silver & US Dollar Index: 24.11.2017

GOLD

Considering the two-month old descending trend-line’s frequent success to tame the Gold’s up-moves, chances of the Bullion’s pullback to $1283 and then to the $1274 become brighter; however, an upward slanting TL, at $1268.50 now, followed by 200-day SMA level of $1265, could restrict the Yellow metal’s additional downturn. If at all the prices close beneath $1265 on D1, it seems wise to expect $1255 as forthcoming support. On the upside, a daily close beyond aforementioned trend-line resistance of $1291 can quickly propel the quote to $1305 and then to the $1312 while $1316 & $1332-33 might challenge the Bulls then after. Given the precious metal’s ability to surpass $1333, the $1342, the $1350 and the $1358 are likely consecutive resistances that may please the Buyers.

SILVER

Unlike Gold, which is near to its resistance-line, the Silver is closer to the $16.95-90 support-confluence, comprising 100-day SMA and support-line of short-term ascending triangle formation. Should the metal breaks the $16.90 mark, it’s drop to $16.50 and then to $16.00 round-figure become imminent. Moreover, the metal’s extended south-run below $16.00 can push sellers to target $15.70, the $15.50 and the $15.20. Meanwhile, $17.25 and the pattern resistance around $17.40 may keep limiting the metal’s nearby upside, which if broken could escalate the recovery in direction to $17.70-75 resistance-area. In case if the $17.70-75 fails to disappoint the optimists, they may target $18.00 and the September high near $18.21.

US Dollar Index [I.USDX]

Even if three-week long downward slanting trend-channel signals further downside of the US Dollar Index, the 92.78–92.67 region, encompassing the channel’s lower line, might offer a strong support to limit the gauge’s decline; though, it’s immediate dip to 93.00 can’t be denied. Assuming that Bears fetch the quote beneath 92.67, probabilities of witnessing a south-run towards 92.50, the 91.75 and the 91.40 become brighter. Alternatively, 93.55 and the channel-resistance of 93.86 become important if the index takes a U-turn from present-levels. Given the quote rises beyond 93.86, it can then aim for 94.00, the 94.25 and the 94.45 north-side numbers.

Cheers and Safe Trading,
Anil Panchal