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Commodities Daily Forecast – January 24, 2018
By:
Gold The gold prices started off with a bullish note on yesterday's session but got enough resistance at the $1340 level to roll over. The $1330 level is
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Gold
The gold prices started off with a bullish note on yesterday’s session but got enough resistance at the $1340 level to roll over. The $1330 level is a major support line and also a scene of a minor uptrend line. The market is expected to see a bounce from here and the break above $1340 level could lead to reaching the $1350 level next. If this market breaks down below $1325 level then it will be a negative move and could probably drop down to $1300 level. …Read More
Silver
The silver prices were initially stable during the Tuesday’s session but then broke down as Americans came on board. The market is now below $17 level and it has important support level at $16.75 level and $16.50 level. The US dollar has the maximum influence in this market and if it continues to trade weak against major currencies then the silver prices are likely to be positively impacted reaching the $17.25 level and $17.50 level higher eventually. …Read More
WTI Crude Oil
The crude oil prices were very choppy during the yesterday’s session initially dipped lower to reach the $63.75 level but got enough support to rally again. The market is expected to continue in the range bound movement between $63 and $65 level and a break in either side will lead to big price movements. …Read More
Natural Gas
The natural gas prices rallied during the yesterday’s session but on low volume, as it starts to approach the top of the long-term consolidation area which extends up to $3.40 level. The market is expected to witness selling pressure come into play which could lead to price moving as low as $3 level which is also the support. In the long term, the market will witness the issues relating to oversupply which will eventually pull this market down. …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.
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