Weekly Forecast Gold and Crude Oil

Silver (Close price: 15.33)


News

The growing economic recovery in the Euro zone led investors to believe that the (ECB) will tighten its monetary policy sooner rather than later. This, in turn, was expected to push the Euro higher against the US dollar and support bullion. Japan’s economy also started to recover. Bank of Japan Governor, Haruhiko Kuroda, also offered a positive view on the economy and inflation

Analysis

The US dollar index fell during last trading day of week and gold rose to monthly high which helps silver prices higher.

Technical Outlook

Technically silver breakout from long waited trading range. Price can rise to level of 15.70 if maintain level of $15.

 

WTI Crude Oil (Close price: $44.59)


News

Crude oil which made level since July 2017 at $42.34 earlier this week looks for some pull while trading in a relatively tight range. Crude oil stayed below the $45 during the first half of the day before rebounding modestly in the last couple of hours. As we approach the end of the week, the WTI is trading at $45.30, losing 0.15% on a daily basis.

Analysis

Crude oil can trade in range of $42 – $50.Global recovery and stock market rise is positive for Crude oil. Even supply glut by OPEC weighs on crude oil fundamental.

Technical Outlook

Crude oil bounces back from lower level of $42. Technically bullish engulfing pattern form on daily charts and low of candle act as strong support $42. Above $50 this week not possible

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