Commodities Daily Forecast Jan 29 2020

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Forex- oil-and-gas111256

WTI Oil: Bearish Despite Recovery Attempts…

As long as 55.00 -broken support turned resistance – holds on a daily closing basis. WTI Oil remains on the downside to 52.50 level. A halt is likely, it may test 55.00 before attempts to break lower. Anyway; below 52.00 aims the 51.00 level, further down, support comes in the 50.00 level.

On the upside, resistance comes at the 55.00 level. Above 55.00 face recovery threat to 57.30 levels where rejection is likely.

In conclusion: WTI Oil faces further downside pressure below 55.00 level.

Support: 52.50, 51.00, 50.00, 48.50, 46.15

Resistance: 55.00, 57.30, 59.00, 60.00, 61.15

Commodities Daily Forecast Jan 29 2020-WTI oilXAUUSD: Faces Pullback Threats…

As long as 1575/1587 resistance holds on a daily closing basis. The XAUUSD remains in a pullback mode and further down couldn’t be ruled out. Support comes in 1565 levels. A halt is likely, but a cut would extend the corrective pullback to 1557/1550 levels. Below 1550 sees a falling threat to 1531 levels, further down, support comes at 1518 levels.

On the upside, resistance comes at 1575 ahead of 1587 levels (main). To prevent a return to the downside, the XAUUSD will have to break and hold above 1587 levels on a daily closing basis. If seen it will target 1600 levels, a break aims the 1615 levels, further upside, resistance stands at 1625 levels…

In conclusion: The XAUUSD sees pullback threats below 1587 levels…

Support: 1565, 1557, 1550, 1531, 1518, 1509

Resistance: 1587, 1600, 1615, 1625, 1640

Commodities Daily Forecast Jan 29 2020-GoldXAGUSD: Outlook Turns Bearish On-Resistance Rejection…

With XAGUSD failing to break through 18.30 as we suggested in our previous forecast. The outlook has turned to the downside after the last big drop. Immediate resistance comes in the 17.78 levels. Support comes in the 17.43 levels. A break will accelerate the bearish move 17.17 levels. A halt is likely, it may test 17.43 before attempts to break lower ( or bottom around here). However; a cut below 17.17 aims the 16.85 levels, further down, support comes in the 16.50 levels.

On the upside, resistance comes in the 17.78 levels. Above that level sees recovery threats to 18.10/18.42 levels before another fall…

In conclusion: The XAGUSD remains exposed to the downside below 17.78 levels.

Support: 17.43, 17.17, 16.85, 16.50, 16.25

Resistance: 17.78, 18.10, 18.42, 18.67, 18.85

Commodities Daily Forecast Jan 29 2020-Silver

Key data/events which may affect the Commodities market today:
  • The Federal Reserve will announce its monetary policy decision and publish data on its economic projections at 19:00 GMT. The Fed is expected to keep the interest rates on hold. The central bank will also release its latest forecasts for economic growth. This will be the first Fed meeting in 2020. The Fed cut rates three times in 2019. How did that affect the US economy? Will there be a possibility of a rate cut in 2020? The Fed will hold a press conference at 19:30 GMT.

 

MARKET DATA

UPCOMING ECONOMIC EVENTS