Commodities Daily Forecast – January 16, 2018

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Published: Jan 16, 2018, 08:04 UTC

Gold The gold prices rallied a bit during the Monday's session but faced resistance to go forward due to thin volume on account of US market closure.

Gold

The gold prices rallied a bit during the Monday’s session but faced resistance to go forward due to thin volume on account of US market closure. Pullbacks in this market offer significant value as the US dollar is underperforming significantly against most of the currency. The $1325 level is going to be strong support zone for the pair and if it breaks above the $1350 level, then it should send the prices towards $1375 level. …Read More

Silver

The silver market initially moved higher during the Monday’s session but then started to tread sideways to settle near the $17.30 level. Given the market conditions, the silver market looks extremely bullish and dips will offer a good opportunity to buy in. The $16.90 level is going to massively supportive for the market and it is believed that $18.50 level is going to be the next target area for the market in long-term. …Read More

WTI Crude Oil

The crude oil prices pulled back a bit during the Monday’s session testing the 24-hour exponential moving average but it then rallied to reach the $65 level. From here the market is expected to face some amount of pressure because of the resistance above. Going forward, the crude prices will be volatile and could pull back a little as there are news reports that Russia might be leaving the production cuts agreement as well as dollar failing to lift the crude oil market. …Read More

Natural Gas

The natural gas prices gapped lower at the open during the Monday’s session and rolled over to show signs of lackadaisical trading. It is expected the market will eventually break down the $3 level and send this market towards the $2.75 level. The rallies in the market offer an excellent opportunity to short the market. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.