Technical Update For Gold, WTI Crude Oil & US Dollar Index: 28.09.2018

GOLD

Failure to surpass 50-day SMA & five-month old descending trend-line isn’t speaking loud for the Gold’s weakness as $1183-81 support-zone presently holds the Bullion’s further downside confined. Should sellers refrain to respect the $1181 mark, the $1172-71 and the $1160 are likely following numbers to appear on their radar to target whereas 61.8% FE level of $1148 might challenge them afterwards. Alternatively, the $1191 can offer immediate resistance to the quote prior to highlighting the 50-day SMA level of $1203.50 and the $1205.50 TL barrier. In case prices keep rising past-$1205.50 on a daily closing basis, the $1215, the $1222 and the 100-day SMA level of $1239 can please the Bulls.

WTI CRUDE OIL

WTI Crude is currently struggling around $72.50-70 resistance-region, which if broken on a daily closing basis could fuel energy prices to $73.50 & $74.40 upside levels but the $75.30 might restrict their further advances. Given the buyers’ dominance remain intact beyond $75.30, the 61.8% FE level of $77.50 may gain market attention. Meanwhile, the $71.70 and the $71.00 seem nearby supports for traders to watch during pullback, breaking which the $70.00 round-figure and the $69.30 mark, encompassing 100-day & 50-day SMA, become crucial to observe. Assuming the quote’s extended south-run beneath $69.30, the $67.00 and the 200-day SMA level of $66.60, together with $66.00 support-line, can play their roles of strong supports.

US DOLLAR INDEX

Unlike previous two, the U.S. Dollar Index has already cleared short-term resistance-line and the 50-day SMA, which in-turn opens the door for its advances to 95.65-75 horizontal-area. If at all greenback optimists fuel the gauge above 95.75 on a D1 closing, the 96.10, the 96.60 and the 97.00 could be aimed with 61.8% FE level of 97.70 acting as tough landmark to achieve. On the downside, the resistance-turned-support figure of 94.75 and the 94.40 may entertain Bears ahead of questioning their strength by a four-month long upward slanting trend-line figure of 93.75. Given the 93.75 fails to limit the gauge’s downturn then chances of its drop to 93.00 and the 200-day SMA level of 92.60 can’t be negated.