Commodities Daily Forecast – January 2, 2018

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Published: Jan 2, 2018, 07:11 UTC

Gold The gold prices were extremely bullish during the Friday's session as it crossed above the $1300 level but then pulled back as it found enough

Gold

The gold prices were extremely bullish during the Friday’s session as it crossed above the $1300 level but then pulled back as it found enough resistance around that zone. The higher gold prices were supported by the weak dollar and in general, this has been a “risk on” type of marketplace. Any pullback in this market will offer significant value and $1290, $1280 and $1275 will offer a significant support. The short-term target of this market will be at $1325 level. …Read More

Silver

The silver prices initially went sideways during the Friday’s session but then it rallied significantly to reach around the $17 level. If the silver successfully breaks above the $17 level then next target for the market will be at $17.25 level and $17.50 level eventually. Short-term pullbacks in the market will offer value in the market and $16.75 level should offer plenty of support in the market. Strength in the gold prices and weak dollar is effectively supporting this market to go higher and will probably move towards the $18 level. …Read More

WTI Crude Oil

The crude oil prices initially broke higher above the $60 level during the Friday’s session but it then found resistance to continue higher and hovered just above the $60 level which is now acting as a support. Any dips in the market will offer value and a break above the $60.30 level will send the prices higher towards the $62.50 level over the long term. …Read More

Natural Gas

The natural gas prices were very choppy during the Friday’s session as the thin volume has been a major concern for the market. The natural gas prices have significantly rallied during the last couple of session on steady demand and now is a bit overextended. The $3 and $3.10 level is very resisitive and will attract sellers into the market which will take the prices towards the $2.75 and $2.50 level eventually. Until this market breaks above the $3.20 level, the negative bias or selling bias will continue in 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.