Commodity Forecast
Weekly Commodity Forecast (05 Jan-12 Jan 2019)

Gold (Close price: $1285.145)

News: US Dollar Index improved after the U.S. Bureau of Labour Statistics reported a better growth in December nonfarm payrolls and a higher-than-expected rise in the annual wage inflation, the US Dollar Index rose but settle at 96. While positive developments between the U.S. – China trade fuelled positive strength to stock markets indexes in the U.S also major reason to profit booking on a safe-haven asset like Gold.

Analysis: Gold face resistance near the psychological $1300 mark in the last trading day of the week. Precious metal erases early gains ahead of major US economic data like NFP (Non-Farm Payroll), Unemployment rate, when data released Gold prices saw a sharp drop to $1276, later it recovered and the Gold had witnessed price consolidation settle at 1285, where it was up +3.78 on weekly closing.

Commodity Forecast

Technical Outlook:

Gold prices rose to $1,298. Support on the yellow metal is seen near the 13-day moving average at 1,270.50. Major support comes at $1250. While recent price rise brings all momentum indicator to overbought zone. Reading above just 80, decrease in momentum expected with time wise and price wise correction.

Name S3 S2 S1 Pivot Points R1 R2 R3
Gold 1249.18 1258.5 1264.25 1273.57 1282.89 1288.64 1297.96
 
 
WTI Crude Oil (Close price: $48.24)

News: WTI prices were up following despite inventory data showed substantial inventory builds up. The upward price movement for both benchmarks comes after the United States and China trade war will simmer down after China said it would hold trade talks with the US.

Analysis: If crude oil breaks above the $50 level, the market could go to higher levels, as high as $55 where we would see even more resistance. The little bit of a pullback in prices expected depends on stock market behavior.

Commodity Forecast

Technical Outlook:

WTI benchmark was trading up at $48.24.Price can find resistance around $50.Bullish divergence on momentum indicator also visible on daily charts with price making lower lows.

Name S3 S2 S1 Pivot Points R1 R2 R3
Gold 40.26 42.03 43.13 44.9 46.67 47.77 49.54

 

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