Commodities Daily Forecast – January 5, 2018

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Published: Jan 5, 2018, 09:04 UTC

Gold The gold prices initially chopped around during the Thursday's session but found enough buying interest to pull the prices around. The gold prices

Gold

The gold prices initially chopped around during the Thursday’s session but found enough buying interest to pull the prices around. The gold prices are massively influenced by the US dollar and the December job data from the US can this market volatile. The $1300 level is going to be the important support for the market and will continue to trade with a bullish momentum with a target of $1325 and $1350 level. …Read More

Silver

The silver prices initially fell lower during the Thursday’s session testing the $17 level for support and then found buyers to reach the top of the consolidation. The $17.25 is going to be the fair value of this market and if it breaks above then the prices could probably reach the $17.50 level which will be then a very bullish sign. Dips in the market are nice buying opportunity unless it goes below the $16.90 level. The long-term target of the market remains at $18 level. …Read More

WTI Crude Oil

The crude oil prices faced significant resistance going higher towards the $62.50 level and pulled back from there. The $61.50 level is going to provide some amount of support and even more at $61 level. The job number data today is going to influence the market and is the dollar falls on account of a negative set of data then the crude prices are set to rise. The $62.50 level is going to be the short-term target, what this market is aiming for now. …Read More

Natural Gas

The natural gas prices went back and forth during the Thursday’s session moving in the range between $2.96 level and $3 level. This could the area where sellers could get actively involved and 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 strong demand factor due to the winters, the prices of natural gas are likely to rebound. There is a massive amount of resistance between now and the $3.20 level which is very difficult to break above. …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.