Commodities Daily Forecast Jan 24 2020

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Oil-Pump-Drilling 6598989

WTI Oil: Bearish, Sets Up For More Declines…

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 24 2020-WTI OilXAUUSD: Limited Recovery Below 1577…

As long as 1550 support holds on a daily closing basis. The XAUUSD remains in a recovery mode, but the recovery above 1550 should be limited by the 1557 level. ABove 1577 will extend the corrective recovery to 1611 levels, further upside, resistance comes at the 1650 level.

On the downside, below 1550 sees a fall risk to 1531, further down, support comes in the 1518 levels.

A failure to break and hold above 1567 could mean a return to the 1550 level.

In conclusion: The XAUUSD sees limited recovery within 1550/1577 range…

Support: 1550, 1531, 1518, 1509, 1485

Resistance: 1567, 1577, 1611, 1650, 1700

Commodities Daily Forecast Jan 24 2020-GoldXAGUSD: Bearish Despite Recovery Attempts…

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 24 2020-Silver

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