Crude oil forecast

Yesterday crude oil price tried to test 72$ but failed again and now trading near 71$. Market is waiting for oil inventory today which is due today. A good support on crude oil price stands at 69.80$, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in oil prices upto 68.50$ – 67.20$ today.

A good hurdle on crude oil price stands at 72.20$, if traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in crude oil price upto 73.50$- 74.70$ today.

Crude oil forecast conclusion: Crude oil forecast is flat to weak for now but main trend setter would be inventory which is due in next less than 8 hours.

Silver forecast

Silver price trading at 16.30$, Silver crashed yesterday with gold as it tested near 16.20$. Currently price trading stable and now trying to recover. A good support on silver chart stands at 16.20$, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in silver price upto 16$- 15.80$ today.

A good hurdle on silver chart stands at 16.55$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in silver upto 16.80$ – 17.05$ today.

Silver forecast conclusion: Silver forecast is to trade weak today. Market would turn positive once our resistance is out. Else avoid any major buy till then.

Dollar Index forecast

Dollar Index destroyed all sellers yesterday when it tested above 93, we even mentioned in our yesterday’s post that its looking positive. Currently dollar trading at 92.82. A good base on dollar basket stands at 92.40, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in dollar upto 92- 91.70 today.

A good hurdle on dollar index chart stands at 93.30, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in dollar upto 93.60- 93.90.

Dollar Index forecast conclusion: Dollar trend is positive for now.

Market is pretty volatile so stay cautious and trade low qty.

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