It’s Friday and an exciting trading session is upon us as the forex news hits the market.
Yesterday, crude oil crashed vertically from our resistance levels due to OPEC not meeting the street expectations.
In other news, Gold and Silver have been trading in a range at higher levels and the trend still seems to be bullion on the chart.
So the heated question of today’s session is
” What to expect in today’s trading session? “
Dollar Index
Dollar index is trading around 103.22.
Below 103.00… Sell it!!
Downside target looks 102.70—102.35
Buy on a close above 103.50 levels only
XAUUSD
Above $2053… catch it with stop loss of $2048
Target looks $2058—$2061
It looks positive on the chart… Don’t go for aggressive selling in it!!
XAGUSD
Rally continues… We already holding long from $23.80.
Our upside target intact $25.70—$26.15
Major hurdle $26.15
Three consecutive closes + weekly close above $26.15 will take Silver to $28—$30++ in days to come. Silver… it’s a start. Don’t go short in it!!
Copper
Moving toward north direction. We had given buy call above $3.85
Still looks positive and could test $3.91—$3.96
Three consecutive closes + weekly close above $3.96 will take Copper to $4.21—$4.33 in days to come.
Any sharp panic will be a buying opportunity for traders.
Crude oil (WTI)
As expected… a vertical crash in it!!
Below 75.00, target looks $73.00—$72.00
Who will save below $72.00
Three consecutive closes + weekly close below $72.00 will see a vertical crash in Crude oil
Any sharp rise will be a selling opportunity in it!!
Trading levels only for our subscribers…
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Nasdaq
Watch 15940 carefully…
Decisive close below 15940 will take it to 15833—15786
Stop loss 16025
S&P 500
Still in a positive momentum and could test 4590—4620
Will it cross 4620 mark???
Above 4620… Don’t jump to sell it!!
We will sell only below 4537 levels only
Today’s Top Pick
Buy GBPUSD above 1.2675. Stop loss below 1.2645
Target 1.2700
Forex News – Global Elements in Play:
- The US treasury yield bounced back on Thursday after the San Francisco Federal Reserve President Mary Daly said that it was a premature approach to declare a victory against inflation and that policymakers are not yet thinking about reducing the borrowing cost.
- The rally in the rates boosted the US dollar mostly by weighting on technology stock and non-yield assets.
- The Nasdaq 100 had been sliding for the second day in a row and the gold prices have been stalling at the technical resistance.
- In other news, the USD/JPY had risen sharply, bouncing off its 100-day simple moving average.
- With the Anticipation of FED Chair Jerome Powell’s speech today at the Spelman College in Atlanta, Georgia, the volatility could be increasing in the upcoming days.
So with all the news surfacing on the horizon, what’s the technical outlook for each?
That’s all for today folks.
We’ll be back with the FOREX newsletter soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease
Also Read: OPEC Meeting : Is the Future of Crude Oil Hanging in the Balance at the Meeting’s Consensus?, Gold Price at an all-time high: Where’s it headed next?
Recommended Read: Changing Perspectives: Are The Lives Of US Citizens A Priority Now Over Controlling Inflation After Fed Minutes?
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