Commodities Daily Forecast – January 7, 2019

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Published: Jan 7, 2019, 10:24 UTC

Gold The gold prices pulled back from the $1300 level after the strong US job numbers came out stronger than estimated in the Friday's session. The market

Gold

The gold prices pulled back from the $1300 level after the strong US job numbers came out stronger than estimated in the Friday’s session. The market will continue to find buyers at lower level due to the risk-off sentiment and $1275 level underneath is a strong support point. The 20 Day EMA should offer dynamic support and also the $1250 level. …Read More

Silver

The silver prices went back and forth during the Friday’s session as the job figures came out. Going forward, silver will eventually gain momentum to break above the $16 level and pullbacks at this point will continue to be nice buying opportunity. The 20 Day EMA and the $15.50 level underneath continues to offer support to the market. …Read More

WTI Crude Oil

The crude oil prices rallied a bit during the Friday’s session but ran into resistance as it reached the downtrend line and also the 20 Day EMA also offering resistance again. The market will continue to witness bearish pressure and could drift to the $45 level which is strongly supportive. …Read More

Natural Gas

The natural gas prices slightly rallied during the Friday’s session reaching towards the $3 level, likely due to the reaction to the job figures. This region is a extremely resistive for the market and could attract sellers back into the market. Rallies will continue to be a nice selling opportunity until it breaks above the $3.10 level and $3.20 level. …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.