Commodities Daily Forecast – January 8, 2018

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Published: Jan 8, 2018, 08:14 UTC

Gold The gold market was very volatile during the Friday's session as expected ahead of the US job growth numbers. The volatility will be a nice buying

Gold

The gold market was very volatile during the Friday’s session as expected ahead of the US job growth numbers. The volatility will be a nice buying opportunity in the market as lower job growth in the US and softening of the dollar will send the gold prices higher. If it breaks above the $1325 level which is also a psychologically important level then the gold prices will continue to reach towards the $1350 level. Eventually, the breakdown below the $1300 level will be very negative for the market. …Read More

Silver

The silver prices were trading quite and sideways ahead on Friday’s session ahead of the US non-farm job growth data which missed estimates. Now the silver market has formed a bull candle at the end of the one hour chart, the prices are expected to continue higher perhaps the $17.50 level and above. The short-term pullback will offer value in the market and also the soft dollar prices will aid in rallying with a support at $17 level. …Read More

WTI Crude Oil

The crude oil prices initially tried to rally during the Friday’s session but rolled over significantly reaching the $61.25 level. The market got some amount of support around this area and has gone up slightly. The $62 level will be the initial target for the market and if it clears above, then it can reach towards the $62.50 and $65 level eventually. …Read More

Natural Gas

The natural gas prices rolled over significantly during the Friday’s session reaching the $2.75 level underneath which offered support and slightly bounced from there. Any rally in this market near the $3 level will be a nice selling opportunity and the prices are also not holding up even in the bitterly cold weather situation in the US. The nest support for the market is around at the $2.65 level and if selling continues then next support level will be $2.50 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.