Commodities Daily Forecast Jan 23 2020

0
21
Forex- oil- 656565989

WTI Oil: Clears the 57.30 level, Extends Bearishness…

As long as 57.30 -broken support turned resistance – holds on a daily closing basis. WTI Oil remains on the downside to 55.00 level. A halt is likely, it may test 57.30 before attempts to break lower. Anyway; below 55.00 aims the 52.50 level, further down, support comes in the 51.00/50.00 level.

On the upside, resistance comes at the 57.30 level. Above 57.30 face recovery threat to 59.00/60.00 where rejection is likely.

In conclusion: WTI Oil faces further downside pressure below 57.30 level.

Support: 55.00, 52.50, 51.00, 50.00

Resistance: 57.30, 59.00, 60.00, 61.15

Commodities Daily Forecast Jan 23 2020-WTI OilXAUUSD: Remains Weak And Vulnerable…

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 23 2020-GoldXAGUSD: Bearish Despite Recovery Attempts…

No change, 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. (Broken support serves as resistance).

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 23 2020-SilverKey data/events which may affect the commodities market today:
  • European Central Bank policy meeting minutes at 12:45 GMT. ECB Press Conference at 13:30 GMT. (Affect gold and Silver)…
  • Crude Oil Inventories at 16:00 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS