Commodities Daily Forecast – January 17, 2018

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Published: Jan 17, 2018, 09:00 UTC

Gold The gold prices pulled back slightly during the Tuesday's session as the market was bit overextended. The $1325 level is going to be the massive

Gold

The gold prices pulled back slightly during the Tuesday’s session as the market was bit overextended. The $1325 level is going to be the massive support area for the gold and will see a lot of buyers getting into this market to take it forward. The $1350 will offer significant resistance but given the market conditions especially the weakness in the US dollar, the market eventually break above and then goes to the $1375 level. …Read More

Silver

The silver prices broke down significantly during the yesterday’s session reaching the $17 level which offered some amount of support and bounced from there showing signs of bullishness. The market is likely to be very noisy given the weakness in the US dollar. The dips will offer a great opportunity to enter this market and in the long term $18.50 level will be the next target. …Read More

WTI Crude Oil

The crude oil prices pulled back during the Tuesday’s session reaching towards the $63.50 level. The hourly uptrend line offers a sign of support to the crude prices. In general sense, the market will be very noisy around this area and $65 level will offer strong resistance. If this market breaks below the $63 level then next major support zone will be around $61.50 – $62 level. …Read More

Natural Gas

The natural gas prices rolled over at yesterday’s trading session as it reached the $3.05 level. A break below $3 level will send this market much lower towards the $2.75 level. This market is losing momentum and any short-term rally will trigger a massive sell-off. Usually, this part of the year is positive for the market due to the rise in demand but the massive inventory buildup is hurting this prices to stay lower. …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.