The forex news for the day is in and it seems like the deadly duo, Gold and Silver are in focus again.
With major bank data incoming and a plethora of factors affecting the metals, what’s the trajectory?
Let’s get started then, shall we?
Dollar index
Buy Above 103.05
Upside Targets Looks 103.20 – 103.40
Stop loss Above 102.90
XAUUSD
Sell Below $2152
Downside Targets Looks $2144 – $2130.
Stop-loss $2160
XAGUSD
Sell Below $25.04
Downside Targets Looks $24.80–$24.40
Stop-loss $25.25
COPPER
On Friday We Recommended to Buy !!Above $4.10 )
(1st Target Hit $4.13 )
Sell Below $4.11
Downside Targets Look $4.09- $4.07
Stop Loss Above $4.13
CRUDE OIL (WTI)
On Friday We Recommended to Buy !!Above $79.60 )
(1st Target Hit $81)
Crude Oil is Trading Around $81.27.
Below $81… Sell it!!
Downside Target $80 -$79
Stop Loss $82.20
NASDAQ
Sell Below 18250 Levels Only…!!
Downside Target Looks 18140–18050.
Stop-loss 18330.
S&P 500 E-Mini
Sell Below 5220
Stoploss 5240.
Downside Target Looks 5200-5180.
TOP PICK- NZDCAD
Buy Above 0.8256 Stop-loss 0.8220 Target 0.8280.
Forex News: Gold and Silver Back Again!!
Gold prices have been facing pressure as central bank meetings are on the horizon. As per the analysis, Gold prices have fallen slightly as the US yield has remained firm due to the diminished Fed rate cut expectations. Hence, this week’s Fed decisions are imperative for commodities and forex markets.
The silver prices are on a reverse trend as early Fed rate cut hopes are diminishing as we speak. A decline has been noticed as DED reserve cuts are not seen in the near terms.
That’s all for now folks.
We’ll be back with more news soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease
Also Read: Fed Meeting, BOJ and BOE In Play to Create Volatility?, Dollar Index: A Roller coaster ride in the dollar is expected this week!
Recommended Read: The Commodity Market — Why is it advantageous to traders?