Weekly Commodity Forecast : #Gold,#WTI Crude Oil (22-26 Jan 2024)

Gold

Gold markets have plunged during the course of the week to test the $2000 level, which is a large, round, psychologically significant figure that traders will pay close attention to. By turning around and showing this type of bullish pressure, then the market will eventually go looking to the $2075 level. In general, this is a market that I think continues to be very noisy, but with that being the case I also think that buyers are willing to pick up “cheap gold” anytime we get an opportunity. Pay close attention to the interest rate markets, because they will have a major influence as well as the negative correlation between interest rates in gold and will remain strong.

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially pulled back during the course of the week only to turn around and show signs of life. It now looks as if the $75 level will continue to be significant resistance, and therefore we need to pay close attention to whether or not we can get above there. If we are going to break above there, then we could go look at the 50-Week EMA which is closer to the $79 level. Short-term pullbacks continue to be buying opportunities in this market, with the $60 level underneath as a major support barrier.

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