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Commodities Daily Forecast – January 4, 2018
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Gold The gold prices continued to be very choppy during the yesterday's session initially dropped a little and continued to go upside. The gold prices are
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Gold
The gold prices continued to be very choppy during the yesterday’s session initially dropped a little and continued to go upside. The gold prices are perhaps looking towards the $1325 level and eventually the $1350 level. Pullbacks in this market are likely to offer value as softening dollar price will translate into a higher price for precious metals. The Friday’s job number data from the US will keep this market a bit volatile. Overall, the long-term target of the market remains around at $1400 level. …Read More
Silver
The silver prices were very volatile during the yesterday’s session initially dropped a to test the $17 level and then continued to go upside. Breaking above the $17 level has been a very strong sign for the market and is expected continue to reach higher towards the $17.50 level which is a resistance point. A break above there should send the market towards the $18 level. Based on the movements of US dollar against major currencies and strength in precious metal counters, the silver is likely to continue to do well over the next several weeks. …Read More
WTI Crude Oil
The crude oil prices skyrocketed during the yesterday’s trading session to reach above the $61.50 level. The oil prices are more likely to rollback from here as the market is a bit overextended here. A pullback from here should be a nice buying opportunity until it crosses below the $60 level. Going forward, the US dollar is likely to provide some amount of bullish pressure with a short-term target of $62.50 level. …Read More
Natural Gas
The natural gas prices drifted a bit lower during the Wednesday’s session reaching down towards the $2.96 level as the $3 level is bit resistive. A breakdown below $2.93 level will send the market much lower perhaps reaching towards the $2.85 and $2.75 level eventually. Given the seasonality factor during this time of the year when the temperature falls, the demand for natural gas prices increases which helps in prices to rebound. Until this price of natural gas crosses $3.20 level, the market will be quite volatile. …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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