Commodities Daily Forecast – January 24, 2019

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Published: Jan 24, 2019, 09:47 UTC

Gold The gold is extensively testing the $1280 level for support and is also trying to gain enough momentum to break above the $1300 level. If the gold

Gold

The gold is extensively testing the $1280 level for support and is also trying to gain enough momentum to break above the $1300 level. If the gold prices break below the $1280 level or the 50 Day EMA, then it can reach down to the $1250 level. Pullbacks will continue to attract buyers which would continue to support the market higher. …Read More

Silver

The silver prices initially tried to rally but have given back the majority of the gains as the 20 Day EMA above has offered a bit of resistance. The $15.50 level above is now offering a bit of resistance and if it fails to break above in the short term, then it will further break down towards the $15 level, which is the hard support for the market. …Read More

WTI Crude Oil

The crude oil prices continued to struggle around the $52.50 level as the $55 level is offering strong resistance. The market is currently consolidating between the 20 Day EMA and 50 Day EMA, however once the market breaks above the $55 level, then it can reach towards the $60 level. The $50 underneath is strong support for the crude oil prices and if it breaks below, then it will break down to the $45 level. …Read More

Natural Gas

The Natural Gas market fell further during the Wednesday’s session and is currently testing the $3 level for support. Overall the fundamentals of the market continue to be weak and rallies will offer a nice selling opportunity. Break below $3 level could send the market towards the $2.90 and $2.78 level eventually. …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.