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Commodities Daily Forecast – January 29, 2018
By:
Gold The gold prices are likely to rally going ahead on the back of weak greenback. The gold prices are likely to reach the $1400 level in long term.
Gold
The gold prices are likely to rally going ahead on the back of weak greenback. The gold prices are likely to reach the $1400 level in long term. Right now, the market is well supported at the $1340 level which it will use it go higher and buyers will flock this market at every correction. Taking cues from global market and performance of major currency pairs will help to chart out the future price of Gold. …Read More
Silver
The silver market was quite noisy during the Friday’s session as it tried reaching towards the $17.50 level. The fall in the dollar index will continue to benefit the precious metal counters including the silver. It is expected that silver will be much more volatile than the gold prices and will react aggressively to any news. The silver market is well supported at the $17 level with support extending up to the $16.80 level. A break above $17.50 level will keep this market going higher. …Read More
WTI Crude Oil
The crude oil prices continued its bullish trend all through the Friday’s session reaching above the $66 level. The market will find plenty of reasons to go higher and if it clears above the $66.50 level, the uptrend momentum should continue. Short-term pullbacks will be excellent buying opportunity with $65 level as a strong support zone for the market. …Read More
Natural Gas
The natural gas prices continued its bullish trend during the Friday’s session but lack of volume in the market is a cause of concern which could pull this market down. With demand likely to scale down significantly as the winters in the northernmost part of the globe nearing its end, the prices are likely to go southward. If it continues to go higher, then $3.50 level will be the next barrier with $3.35 level underneath will be quite supportive. …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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