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Commodities Daily Forecast – January 9, 2018

By:
Colin First
Published: Jan 9, 2018, 09:54 UTC

Gold The gold market was reasonably quiet and stable during the Monday's session with a slight pullback in the middle of the day which was quickly bought

commodities

Gold

The gold market was reasonably quiet and stable during the Monday’s session with a slight pullback in the middle of the day which was quickly bought in. The pullbacks offer nice value in this market as long it stays above the $1300 level. If the gold prices manage to break above the $1325 level, then it will be a bullish factor which will send the prices higher towards the $1350 level and above. …Read More

Silver

The silver prices drifted lower during the Monday’s session as the US dollar gained a little. This could be a short-term phenomenon in the market and it is likely that the $17 level is going to provide significant support and market will find reasons to go ahead. The strength in the gold prices will also support this market to go higher and if it breaks above the $17.25 level then next target level will be $17.50 level. …Read More

WTI Crude Oil

The crude oil prices are facing significant resistance going higher and is nearing the uptrend line. It is believed that the buyers will enter the market soon and take the prices higher, perhaps in the concert with the US dollar falling. If the market breaks the general uptrend line, then it will result in the market to fall towards the $60 level which is a massively supportive. …Read More

Natural Gas

The natural gas prices gapped higher at the open during the Monday’s session as it reached the $2.87 level, but found a significant amount of resistance preventing it to move higher. The market is generally very noisy and any rallies in the market offer plenty of opportunities to sellers. In general, the prices of Natural gas is expected to move in a range bound manner between $2.50 – $3 level. …Read More

About the Author

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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