Silver, Crude oil, Euro technical analysis May 31, 2018

Silver price analysis

Comex silver price recovered from lows of 16.30$ and outperforming gold price since yesterday. As of now 4.36am IST prices are cruising at 16.49$. It has made high of 16.54$ and low of 16.47$ so far. Last night ADP non farm employment change came lower than expected which gave a kick to gold silver prices. Even Italy’s situation seems to be easing which comforting euro and strengthening precious metals prices.

Good profit booking in Dow Jones Index from highs signaling good positive day ahead in precious metals. President Trump slapped 25% tariffs on  imported steel in March but reprieve to the Europe, neighbor Canada and Mexico until June 1st for further talks. So this deadline is also approaching.

A good resistance on silver chart now stands at 16.62$, If traders hold above this and sustain trade above this. Then expect 16.84$- 17.05$.

Support on silver price now stands at 16.30$, If sustain below this then expect more pressure in prices upto 16.05$- 15.80$.

Silver price analysis conclusion: Silver trend is positive for now. Avoid any major buy in this precious metal.

Read our gold forecast here

Crude oil analysis

US crude oil finally recovered from lows near 66$ and tested above 68$ last night. Crude oil recovery mainly driven by concerns over OPEC production. As of now prices are holding well above 68$. Resistance on oil chart at 69.10$. Above this crude oil prices may test upto 70.20$- 71.20$.

A good support on crude oil chart stands at 67$, Sustain trade below this may drive prices upto 66$-  65$ today.

Crude oil analysis conclusion: Even though oil prices took a good breather of 2$ from lows. Its still in negative territory on chart till its holding our resistance. So no buy before 69.10$.

Euro analysis

Euro to dollar finally recovered following good positive cues from Italy. Italian president ready to appoint a new prime minister but he is still waiting for populist party who had some poisonous statements exchanged with him in last couple of days.

Currently euro cruising smoothly at 1.1667. We already stated euro is positive in our yesterday’s post ( Read full post here ) . Now resistance on euro chart stands at 1.1705, trading sustain above this may result upto 1.1740- 1.1790 today.

A good support on euro chart stands at 1.1620, trading sustain below this may result upto 1.1580- 1.1530 today.

Euro to dollar trend is positive for now.

Now Join our any signals package in just $99 for first month. Click here to choose from

 

Posted in: Crude oil Updates