Commodities Daily Forecast – January 3, 2018

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Published: Jan 3, 2018, 09:06 UTC

Gold The gold prices gapped higher at the open during the Tuesday's session reaching towards the $1315 level. Any short-term pullbacks in this market is

Gold

The gold prices gapped higher at the open during the Tuesday’s session reaching towards the $1315 level. Any short-term pullbacks in this market is going to be a nice buying opportunity as the $1300 level is going to be massively supportive. If the market reverses from here then it will be a pretty bearish move which is not likely the case now. The dollar is underperforming against all major currencies for quite some time now which will support the rally in gold prices and a break above $1325 level will send the market even higher. …Read More

Silver

The silver prices gapped higher at the open during the Tuesday’s session clearing the $17 level very easily. Softening of dollar index and rally in gold prices is helping the silver market to rally. The market is now looking towards the $17.50 level and eventually the $18 level. The long-term view of the silver market remains positive with a target of $18 and above and buying on dips will offer significant value. …Read More

WTI Crude Oil

The crude oil prices gapped higher at the open on Tuesday’s session, reaching towards the $60.75 level but then turned around to reach the $60 level. If the market gets enough support here, then it should continue to go higher and continue the overall upside trend. The next target for the market will be at $62.50 level has been psychologically and structurally important in the past. The short-term pullback in the market will provide nice buying opportunity unless it breaks below the $60 level. …Read More

Natural Gas

The natural gas prices gapped higher at the open during the Tuesday’s session but right away pulled back to fill the gap. The natural gas prices are now hovering around the $3 level and continued to find buyers. In the short term, if the prices breakdown below the $2.90 level, then prices will start to drop again. Right now, the resistance in the market is extended up to $3.10 level and until the prices cross above the $3.20 level, the market will remain trade choppy with a negative bias. …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.