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Commodities Trading Update: Jan 24 - Intraday Signals

Today's Commodities Signals Snapshot:

- Gold Prices:

- Slight decline in Asian trade.

- Trading between $2,000-$2,050/oz recently.

- Spot gold at $2,023.92/oz, futures at $2,024.65/oz.

- Dollar strength adds pressure.

- Oil Outlook:

- Brent crude settles at $79.55/bbl, WTI at $74.37/bbl.

- US crude output rebounds, gasoline demand weak.

- Geopolitical tensions prevent deeper losses.

- Safe-Haven Demand:

- Gold regains some ground amidst Middle East tensions.

- Approximately 10% gain in 2023 bolstered by safe-haven demand.


Commodities Trade Signals

  XAU/USD (Gold)   XAG/USD (Silver)  WTI (Crude oil)  Gas -CR (Gasoline)  Coffee -Cr (Coffee Arabica)  


XAU/USD Gold, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 XAU/USD Gold

Intraday Commodity Signal - January 24, 2024


Commodity: Gold (XAUUSD)


Pivot Point: $2,038.33


Trade Direction: BULLISH


Trade Probability: 68%


Today's Trend

Gold prices are exhibiting bullish behavior, having edged above the recent trading range.


Market Trend Analysis

- Volatility: Marginally increased, aligning with the bullish trend.

- Moving Average (MA): Gold prices are above the MA, further indicating a bullish trend.

- Ichimoku Cloud: Price action is above the cloud, which typically confirms a bullish stance.

- RSI: The RSI is ascending but not overbought, supporting the bullish momentum.

- Bollinger Bands: Nearing the upper band, which could indicate a strengthening of the current trend.

- MACD: The MACD line remains above the signal line, suggesting that the bullish momentum is continuing.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): $2,047.27

- 2nd Target (2nd Resistance): $2,056.88

- 3rd Target (3rd Resistance): $2,065.00 (Estimation based on current trends)


❌ Stop Loss Guidelines

- Buy: Position the stop loss at $2,028.72 to manage the risk effectively.


Suggestion

With the indicators pointing towards a bullish trend, a buy position may be considered with the initial target set at $2,047.27. Traders should monitor the trend closely for potential movement towards further resistance levels, while a stop loss at $2,028.72 could help mitigate the risk in case of a trend reversal. Keep an eye on upcoming economic data releases and geopolitical events, as these could influence market conditions and gold prices.


"Promotional banner for Vantage featuring floating currency symbols like the dollar, euro, and yen with upward orange arrows, indicating growth in Forex trading. Includes a 'Trade Now' button and a disclaimer about the risks of trading derivatives."

XAU/USD Silver, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 XAG/USD (Silver) 

Intraday Commodity Signal - January 24, 2024


Commodity: Silver (XAGUSD)


Pivot Point: $22.70


Trade Direction: BULLISH


Trade Probability: 66%


Today's Trend

Silver prices are showing signs of a bullish trend, potentially breaking out from recent resistance levels.


Market Trend Analysis

- Volatility: Showing signs of increase, which may suggest a breakout.

- Moving Average (MA): Silver is trending above the MA, indicating bullish momentum.

- Ichimoku Cloud: Price is emerging above the Ichimoku cloud, providing a bullish signal.

- RSI: RSI is moving upward, though not yet overbought, which supports the potential for further gains.

- Bollinger Bands: Price is challenging the upper band, signaling bullish strength.

- MACD: The MACD line is poised to cross above the signal line, suggesting increasing bullish momentum.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): $23.11

- 2nd Target (2nd Resistance): $23.44

- 3rd Target (3rd Resistance): $23.70 (Estimated based on trend extension)


❌ Stop Loss Guidelines

- Buy: Consider setting the stop loss around $22.37 (just below the daily low).


Suggestion

The current bullish signs suggest entering a long position may be advantageous, initially targeting $23.11. If the uptrend continues, setting sights on $23.44 and an extended target of $23.70 could be profitable.


WTI Crude Oil, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 WTI (Crude oil) 

Intraday Commodity Signal - January 24, 2024


Commodity: WTI Crude Oil (WTI)


Pivot Point: $75.277


Trade Direction: BULLISH


Trade Probability: 70%


Today's Trend

WTI Crude Oil is on an upward trajectory, indicating a bullish market environment.


Market Trend Analysis

- Volatility: Shows signs of increase, which could mean a stronger bullish trend.

- Moving Average (MA): WTI is trading above the Moving Average, indicating a potential continuation of the uptrend.

- Ichimoku Cloud: Price is above the cloud, a classic bullish signal.

- RSI: Positioned above 50, suggesting bullish momentum but not yet overbought.

- Bollinger Bands: The price is testing the upper band, often a sign of strong bullish activity.

- MACD: The MACD line is above the signal line, reinforcing the bullish market sentiment.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): $76.183

- 2nd Target (2nd Resistance): $77.117

- 3rd Target (3rd Resistance): $78.00 (Approximation based on momentum)


❌ Stop Loss Guidelines

- Buy: Position the stop loss at $73.437 to protect against any unexpected reversals.


Suggestion

With the bullish indicators, entering a long position aiming for the first target at $76.183 seems favorable. If the uptrend gains further strength, consider targeting $77.117, and potentially $78.00, keeping in mind to adjust the stop loss accordingly to $73.437 for risk management. Monitor global energy news and market data for any shifts that may impact oil prices and adjust your strategies as necessary.


"Promotional banner for Vantage featuring floating currency symbols like the dollar, euro, and yen with upward orange arrows, indicating growth in Forex trading. Includes a 'Trade Now' button and a disclaimer about the risks of trading derivatives."

Gas -CR (Gasoline) A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 Gas -CR (Gasoline)

Intraday Commodity Signal - January 24, 2024


Commodity: Natural Gas


Pivot Point: $2.52


Trade Direction: BULLISH


Trade Probability: 72%


Today's Trend

Natural Gas is experiencing bullish momentum, breaking through previous resistance levels.


Market Trend Analysis

- Volatility: Noticeably increasing, suggesting a strong bullish trend.

- Moving Average (MA): Prices are above the Moving Average, confirming a bullish trend.

- Ichimoku Cloud: The price is above the Ichimoku Cloud, providing a bullish outlook.

- RSI: Rising and currently above 50, which supports the bullish momentum.

- Bollinger Bands: Price is approaching the upper Bollinger Band, indicating upward pressure.

- MACD: The MACD line is above the signal line and trending upwards, reinforcing the bullish trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): $2.5920

- 2nd Target (2nd Resistance): $2.69

- 3rd Target (3rd Resistance): $2.75 (Estimated based on momentum)


❌ Stop Loss Guidelines

- Buy: A stop loss can be considered at $2.3520, just below the pivot point, to mitigate risk.


Suggestion

Given the bullish signals, entering a long position aiming for the first resistance at $2.5920 may be favorable. If the momentum continues, pursuing the second resistance at $2.69 and beyond could yield further gains. A stop loss at $2.3520 is recommended to manage risks.



Coffee -Cr (Coffee Arabica)  A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 Coffee -Cr (Coffee Arabica)  

Intraday Commodity Signal - January 24, 2024


Commodity: Coffee Arabica


Pivot Point: $195.43


Trade Direction: BULLISH


Trade Probability: 64%


Today's Trend

Coffee prices are showing bullish momentum, potentially signaling an upward price trajectory for the day.


Market Trend Analysis

- Volatility: Slightly increased, aligning with bullish behavior.

- Moving Average (MA): Coffee prices are above the MA, suggesting an uptrend.

- Ichimoku Cloud: The price is above the Ichimoku Cloud, indicating a bullish market environment.

- RSI: RSI is above 50, leaning towards a bullish momentum.

- Bollinger Bands: The price is gravitating towards the upper band, which may suggest bullish strength.

- MACD: The MACD line is above the signal line, providing further confirmation of the bullish trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): $197.92

- 2nd Target (2nd Resistance): $201.33

- 3rd Target (3rd Resistance): $205.00 (Estimated based on the current trend's strength)


❌ Stop Loss Guidelines

- Buy: Set the stop loss at $189.53 to protect from any sudden downturns.


Suggestion

The indicators suggest a strong case for a bullish position with a first target of $197.92. If the upward momentum continues, the second and third resistance levels at $201.33 and $205.00, respectively, could be the next targets.

 

Disclaimer: These Commodities Trading Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.


As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.

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