Gold , Dollar , Crude oil forecast last week Feb 2018

By | February 25, 2018

Weekly Gold forecast

Comex gold price tanked after a major breakout of 1355$ , It could not hold on higher levels and tested 1320$ after a major crash . Xauusd could not sustain as dollar index recovered from lows . Finally gold price settled at 1329$ giving a weak close . A good support on xauusd chart stands at 1300$ , if traders take this base out and manage to close below our support . Then expect more pressure in gold price upto 1276$ – 1251$ .

A good resistance on xauusd chart stands at 1348$ , if traders take this hurdle out and manage to close above our resistance , then expect more firepower in gold price upto 1370$ – 1393$ .

Gold forecast conclusion : This week gold trend is weak , watch out daily levels to trade .

Dollar Index analysis

Dollar Index ( DXY ) recovered almost from 88 level and closed nearly 90 . This main recovery caused gold prices to crashed from its peak . Half recovery in dollar came due to short covering . This week we have a hurdle on dollar basket stands at 90.20$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in dollar upto 90.70 – 91 .

A good base on dollar basket stands at 89.30 , if traders take this base out and manage to close below this support . Then expect good pressure in dollar upto 89 – 88.70 .

Dollar Index analysis conclusion : Dollar trend is positive for upcoming week .

Crude oil forecast

WTI Crude oil fired once again and climbed near 65$ and closed around 63.50$ . A good base on US crude oil stands at 59.80$ , if traders tank this base out and manage to close below our support . Then expect more pressure in crude oil upto 56$ – 53$ .

A good hurdle on crude oil stands at 66$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in this major commodity upto 69$ – 72$ .

Crude oil forecast conclusion : Crude oil trend is positive for upcoming week .

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2 thoughts on “Gold , Dollar , Crude oil forecast last week Feb 2018

  1. Pingback: Forex and Gold analysis 26th Feb 2018 . Best Gold signals provider

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