Commodities Daily Forecast Jan 30 2020

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Forex gold silver 65986

WTI Oil: Outlook Remains Lower…

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 30 2020 WTI OilXAUUSD: Still 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 30 2020 GoldXAGUSD: Bearish Capped By 18.10/18.42 Levels…

As long as 18.41/18.10 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.43/1.17.17 levels. A halt is likely. It may test 17.43 before attempts to break lower. Anyway; below 17.17 aims 16.85 level, further down, support comes in the 16.50 levels.

On the upside, immediate resistance comes in the 18.10 levels ahead of 18.42 level (main). Above 18.42 sees a bullish move to 18.67/1.18.85 levels.

In conclusion: The XAGUSD remains exposed to the downside below 18.42 even in the case of a corrective recovery.

Commodities Daily Forecast Jan 30 2020 Silver

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