Below are the weekly forex and commodity levels updates. Traders should trade carefully as per the levels given below. This week EURJPY looks trendy and we recommended it in our weekly top pick.
Trend XAU/USD
Gold slipped from the top on Friday’s trading session. Still, there is a lot of scope remaining in Gold.
Gold has strong resistance at $1848—$1878 while the medium-term trading range will be $1780—$1820.
Expect a bounce in Gold from $1790—$1780 for the upside target of $1820.
Close above $1820 will take it to $1840—$1848.
Any sharp downside panic till $1780 will be the best buying opportunity in Gold.
Trade safely… More we will update you soon.
Trendy XAG/USD
Support at $25.50. Decisive break and close below $25.50 will take it to $24.00 in days to come.
Positional traders can buy Silver for around $24 with a stop loss below $22.50.
Fresh buying we will do on a close above $27 only.
Trendy XAU/XAG
The gold and silver ratio is trading near to its resistance level of 71.00.
Decisive break and close above 71.00 will take it to 73.50—74.20 levels.
Traders should remain cautious in the range between 74.00—76.00 levels as this range fall in the supply zone. Any sharp upside rally will be the best-selling opportunity in Silver.
Trendy Dollar Index
As expected, the dollar index is trading and struggling near to its resistance level of 93.00.
The dollar index is forming the double bottom pattern on the weekly chart.
Three consecutive closes + weekly close above 94.20 will take it to 98—99 levels in days to come.
Any sharp decline will be the best buying opportunity for dollar-related currencies.
Here, chances are bright in Dollar to test its resistance level of 93—93.50 and then to 94.20 levels.
Major trend reversal in Dollar index we will see on a close above 94.20 levels only.
Panic could create on a close below 91.75 levels only.
Are you ready to sell Dow futures & S&P500???
If yes then you will remain cautious. We will see good volatility and both sides trading in the US stock market.
But yes… Bias remains negative
Expect bounce in Dow futures around 34000—33700 levels and selling pressure around 34700—35000 levels.
S&P500 futures have support range 4270—4230 and resistance zone 4360—4400.
So don’t jump to buy at higher levels and don’t jump to sell at lower levels.
Jobbers will have the upper hand in the next 2—3 trading weeks.
Trendy DAX Futures
Support at 15400. Decisive break and close below 15400 will take it to 14800—14500 levels.
Or else it could test its resistance level of 15800—16000 again.
Dax futures is forming a rising wedge pattern on the weekly chart which suggests trading in a limited range for time being.
Trendy Stock- Buy EURJPY around 129.50. Stop loss below 128.00. Target 132