Sample newsletter ( 14th may 2018 )
Comex gold price jumped after president Trump imposed sanctions on Iran. Gold tested 1326$ last friday but finally settled below 1320$, signaling a caution among buyers. Dollar Index gave some 100 pips profit booking in Friday alone which is a good sign for gold buyers and it may continue upcoming week.
This week we have a good hurdle on weekly gold chart at 1352$, If traders break this major hurdle and manage to close above our resistance. Then expect good firepower in gold price upto 1375$ – 1399$ this week.
A good base on this major commodity stands at 1298$, If traders slip below 1300$ and manage to close below 1298$. Then expect good pressure in gold price upto 1275$ – 1251$.
Watch out ECB president speech on wednesday, it may be crucial as he will be speaking about economy and euro. We have retail sales data from US as well which will determine the US economy’s condition and may give direction to dollar index.
Gold outlook conclusion: Gold looking positive for upcoming week.
Positional signal: Buy gold 1318-20$ with stoploss of 1288$ for target of 1352$. ( Subscribe positional signals for 50$ from June 2018) . We will be giving 2-3 signals per quarter. You may subscribe for 3 months in 60$.
Silver tried to break 16$ but it could not break and bounced pretty hard from there and tested above 16.80$ this friday. It finally gave a close near 16.62$. As mentioned earlier in our daily forecast and weekly forecast of last week. We have positive view on this particular commodity till it holds above 16$.
A good base on this major commodity stands at 16$, Once this support is out and manage to close below our support. Then expect more pressure in silver price upto 15.50$ – 15$ .
A hurdle on silver stands at 17.05$, If traders take this out and manage to close above our resistance. Then expect more firepower in silver upto 17.59$ – 17.99$.
Silver outlook conclusion: Silver is positive for upcoming week.
Crude oil outlook
As mentioned in our last week’s forecast, Oil traded with good positive as it tested 72$ last week. It gave final close above 70$ signaling more gas. A good hurdle on this major commodity stands at 72.60$, Once this is out and traders manage to close above our resistance. Then expect good firepower upto 74.90$ – 77$.
A good base on this major commodity stands at 67.79$, If traders tank this base and traders manage to close below our support. Then expect some pressure in oil prices upto 65.10$ – 63$.
Crude oil outlook conclusion: Oil trend is positive.
Dollar Index outlook
Dollar index nearly kissed 93 last week but then profit booking started with massive pace. Main crack came due to highly heated buying which builded up in last week. Dollar closed above 92 after testing slightly below 92 last friday.
A good base on dollar basket ( DXY) stands at 91.60, If traders tank this base and manage to close below our support. Then expect 91.10- 90.40 this week.
A good hurdle stands at 92.55, If traders break this hurdle and manage to close above our resistance. Then expect 92.99- 93.40 this week
Dollar outlook is flat to weak for upcoming week.
Events we’ll be watching this week.
Tuesday: Australia’s monetary policy, China’s industrial production numbers, UK’s avg earning index, US retail sales numbers.
Wednesday: ECB president speech, US building permits, Oil inventories.
Thursday: US unemployment claims.
Best of Luck for upcoming week.