I. Precious Metals
Gold
Gold prices fell 0.5 percent on Tuesday, retreating a bit from the previous day's rally as a stronger U.S. dollar reduced the appeal of safe-haven investments, and oil prices also dipped. On Monday, bullion rose as much as 1 percent for its biggest daily rise in six weeks, after news of a string of high-profile arrests in Saudi Arabia boosted oil to a 2-1/2-year high. Gold retreated back to around $1,275 an ounce.
On technical front, gold is expected to keep trading within $1,260 to $1,290. Lingering around the 100-day moving average of $1,277.22, bullion is expected to find strong support at the 200-day moving average of $1,262.99 and resistance at $1,285. In case of a breakthrough, the next resistance can be found at $1,295.61.

Silver
Silver was down 1.6 percent at $16.96 an ounce. Its session high of $17.27 was the highest since Oct. 20. On chart, the white metal remained rangebound within previous range. The 50-day moving average overlapped with the 100-day moving average, showing strong resistance at $17.20 and support at the 100-day moving average of $16.88.

II. Commodities
Crude Oil
Oil settled lower on Tuesday after rising to the highest since July 2015 the previous day, while tension flared between Saudi Arabia and Iran, and the Saudi crown prince tightened his grip on power.
Brent crude futures settled down 58 cents, or 0.9 percent, at $63.69 a barrel, having climbed 3.5 percent on Monday. U.S. West Texas Intermediate (WTI) crude fell 15 cents, or 0.3 percent, to $57.20 a barrel.
Saudi Crown Prince Mohammed bin Salman moved to shore up his power base with the arrest of royals, ministers and investors. More tellingly, tensions escalated between OPEC members Saudi Arabia and Iran. The Saudi-led coalition fighting against the Houthi movement in Yemen said on Monday that it was closing all Yemeni air, sea and land crossings after a missile was fired towards Riyadh at the weekend.

Copper
LME copper closed 2.1 percent down at $6,826 a tonne. Copper fell but remained near multi-year highs on strong global growth and supply worries from a crackdown on polluting smelters in China. The market has outdone itself to an extent so we are seeing a price correction and profit-taking.

Soybean
U.S. soybean futures edged higher on Tuesday, extending gains into a second consecutive session, boosted by higher soyoil and as expectations the U.S. Department of Agriculture will trim its production forecast provided support to prices. Traders squared positions ahead of the USDA’s monthly supply report. January soybeans gained 2 cents to $9.96 a bushel.

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