Commodities Daily Forecast – January 8, 2019

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Published: Jan 8, 2019, 10:02 UTC

Gold The gold prices started the week with a positive note as it rallied slightly higher towards the psychologically important $1300 level. The gold

Gold

The gold prices started the week with a positive note as it rallied slightly higher towards the psychologically important $1300 level. The gold prices have also broken above the uptrend channel which is a bullish development and also the market is supported by rising 50 Day EMA level. The $1250 level underneath will provide hard support to the gold prices and pullbacks will continue to be a nice buying opportunity. …Read More

Silver

The silver prices pulled back slightly during yesterday’s session, as the $16 level around continues to be massively resistive. The silver prices have rallied significantly in the last few sessions and it is likely that it could pull back a little to let buyers get back in the market. The $15.50 level underneath, is a massive support level for the market which extends down to the $15 level. …Read More

WTI Crude Oil

The crude oil prices rallied during the Monday’s session reaching towards the $50 level, which is a massively resistive zone. If it breaks above this level, it oil prices could take off towards the $55 level and above. However, if it breaks down below the $48 level, then it could go down towards the $45 level. The market will continue to remain volatile as there is no change in the fundamentals that will support higher prices. …Read More

Natural Gas

The natural gas prices went back and forth during yesterday’s session, reaching down to the $2.90 level. The market continues to be very bearish and rallies will continue to be a nice selling opportunity. If the natural gas market breaks down further, then the next major support is at $2.78 level and $2.60 level eventually. …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.