Commodities Daily Forecast – January 17, 2019

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Updated: Jan 17, 2019, 14:02 UTC

The crude oil prices continued to grind sideways during the Wednesday's trade session, hovering just around the $52 level.

Gold

The gold prices were stable during Wednesday’s session, hovering around the $1290 level. The $1300 level is psychologically and massively resistive for the market and a break above will be extremely bullish. The weak sentiment around the USD after the Fed’s announcement of future rate hikes will continue to support the gold prices higher and pullbacks will continue to be a nice buying opportunity. …Read More

Silver

The silver market is now testing the $15.50 level support underneath and also the 20 Day EMA is offering support to the silver prices. If the silver prices break below the $15.50 level, then it could possibly break down towards the $15 level but the weak sentiments around the USD will continue to push higher. The market needs to break above the $16 level in order to continue moving higher. …Read More

WTI Crude Oil

The crude oil prices continued to grind sideways during the Wednesday’s trade session, hovering just around the $52 level. Both the 20 & 50 Day EMA is providing support to market and if the prices break above the $55 level, then it could easily reach towards the $60 level. In an alternate case, if crude price breaks the supportive $50 level, then it could reach towards the $45 level, in that case, it will be extremely bearish for the market. …Read More

Natural Gas

The Natural Gas prices continued to trade below the $3.50 level in the Wednesday’s session, as the general fundamental outlook of the market remains weak. The natural gas market will continue to trade extremely volatile and choppy and once it breaks below the $3.20 level, then it could break down towards the $2.90 level. …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.