Silver, Dollar Index forecast May 15, 2018

silver forecast

Silver forecast

Comex silver price trading at 16.45$, It crashed further after making highs near 16.70$ yeserday. Currently trading with low volumes and weaker since morning. Market is waiting retail sales data from US which would determine further trend of precious metals. A good support on this precious metal 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 resistance on this major commodity stands at 16.70$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in silver price upto 16.92$ – 17.12$ today.

Silver forecast conclusion: Silver trend is weak for now, but avoid major sell for now. We would recommend to wait for buy in dips.

Crude oil forecast

Crude oil price trading in a small range since yesterday as most of the time its roaming between 70-71$. Currently price are trading at 70.80$, A good base on this major commodity stands at 69.80$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 68.30$ – 67.20$ today.

A good hurdle on this major commodity stands at 71.50$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good firepower in crude oil price upto 72.90$ – 74.90$.

Crude oil forecast conclusion: Crude oil trend is positive for now.

Dollar Index forecast

Dollar Index cracked yesterday below 92, Currently Dollar ( DXY) trading at 92.24. Good rise came after china industrial production rises from 6% to 7% on yearly basis. Good chinese economy sent a good signal for other economies and dollar is following it for now.

A good base on dollar index stands at 91.70, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in dollar upto 91.30- 91 today.

A good hurdle on this major forex index stands at 92.55, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in dollar upto 92.99- 93.30 today.

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

 

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