Commodities Daily Forecast Jan 16 2020

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WTI Oil: Bearish Eyes Further Weakness…

As long as 60.00 resistance holds on a daily closing basis. The WTI Oil remains on the downside to 57.30 levels. A halt is likely but a cut opens 55.00 levels ahead of 52.50 levels. On the upside, immediate resistance comes at 59.00 levels ahead of 60.00 levels (main). A break above 60.00 levels brings recovery threats to 61.15 levels. Above 61.15 will extend the corrective recovery to 63.00 levels. In conclusion: WTI Oil sees downside treats below 60.00/59.00 levels.

Support: 57.30, 55.00, 52.50, 50.00

Resistance: 59.00, 60.00, 61.15, 63.00

Commodities Daily Forecast Jan 16 2020- WTI OilXAUUSD: Sees Corrective Pullback Threats…

As long as 1556/1577 resistance holds on a daily closing basis. The XAUUSD remains in a corrective pullback mode and further down couldn’t be ruled out. Support comes at 1531 levels ahead of 1518/1509 levels. On the upside, Above 1577 restores the upside momentum and aims the 1611 levels ahead of 1650 levels. In conclusion: The XAUUSD sees fall threats below 1556/1577 levels.

Support: 1531, 1518, 1509, 1485, 1477

Resistance: 1556, 1577, 1611, 1650, 1700

Commodities Daily Forecast Jan 16 2020- GoldXAGUSD: Bearish Eyes The 17.50 Levels Despite Hesitation

As long as 18.19 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.80/17.50 levels. Above 18.19 sees recovery threats to 18.42/18.85 where another fall is likely.

Support: 17.50, 17.15, 16.75, 16.45, 16.05

Resistance: 17.80, 17.93, 18.19, 18.42, 18.85

Commodities Daily Forecast Jan 16 2020- SilverKey data/events which may affect the Commodities market today:
  • U.S Retail Sales at 13:30 GMT. The forecast is to rise by 0.3%, from 0.2% a month earlier.
  • U.S Core Retail Sales at 13:30 GMT. The forecast is to rise by 0.5%, from 0.1% in the preceding month.*(Critical).
  • U.S Philadelphia Fed Manufacturing Index at 13:30 GMT. The forecast is to rise by 3.8%, from 2.4% in the preceding month.
  • FOMC Member Bowman Speaks at 15:00 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS