Commodities Daily Forecast Jan 17 2020

WTI Oil: Halts Downside, Consolidates Above 57.30 But Bearish Medium-Term...XAUUSD: Still Faces Corrective Pullback Threats...XAGUSD: Bearish, Tests Key Resistance 18.19

Forex- oi -659854

WTI Oil: Halts Downside, Consolidates Above 57.30 But Bearish Medium-Term…

As long as 57.30 support holds on a daily closing basis. The WTI oil remains neutral, and sideways move is likely within 57.30/60.00 range. On the upside, above 60.00 sees recovery threats to 61.15 levels. Above 61.15 will extend the corrective recovery to 63.00 levels.

On the downside, below 57.30 will restore the downside momentum and aim the 55.00 levels, further down, support comes at the 52.50 levels.

In conclusion: Despite the pair is bearish below 60.00 levels but it faces recovery threats above 57.30 levels. Above 60.00 will activate the recovery mode…

Support: 57.30, 55.00, 52.50, 50.00

Resistance: 59.00, 60.00, 61.15, 63.00

Commodities Daily Forecast Jan 17 2020-WTI OILXAUUSD: Still Faces 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 17 2020-GOLDXAGUSD: Bearish, Tests Key Resistance 18.19

As long as 18.19 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.78/17.50 levels. Above 18.19 sees recovery threats to 18.42/18.85 where another fall is likely.

Support: 17.78, 17.50, 17.15, 16.75, 16.45

Resistance: 18.19, 18.42, 18.60, 18.85, 19.22

Commodities Daily Forecast Jan 17 2020-SILVERKey data/events which may affect the Commodities market today:
  • U.S Building Permits (Dec) at 13:30 GMT.
  • FOMC Member Harker Speaks at 14:00 GMT.
  • U.S JOLTs Job Openings (Nov) at 15:00 GMT.
  • FOMC Member Quarles Speaks at 17:45 GMT.

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