Commodities Daily Forecast – April 16, 2018

Colin First
Crude Oil daily chart, March 14, 2018
Container Cargo freight ship with working crane bridge in shipyard.

Gold

The gold market managed to move higher during the volatile and choppy session of Friday but failed to break above the $1350 level. If this market manages to break above this level, then it should perhaps reach towards the $1400 level. Short-term pullbacks will be a good opportunity to enter this market and add positions. Given the Middle-East situation involving the US and Russia and the weak dollar, this market will continue to add value in the short as well as long-term. …Read More

Silver

The silver prices moved higher during the Friday’s session breaking above the $16.60 level which will keep the market in upside trend. Going forward, the market is likely to break higher above the $16.80 level and then $17 level. Short-term pullbacks will continue to be the best way to play this market with $16 acting as a floor of this market. …Read More

WTI Crude Oil

The crude oil market traded on a very choppy note, initially moving higher reaching the $67.50 level, pulling back and then testing again. The $68 is a strong resistance level and if it breaks then next target will be $70 level which is a large, round, psychologically significant level. The $65 level underneath is a strong support and dip around that level will attract buyers. …Read More

Natural Gas

The natural gas prices initially went sideways during the Friday’s session but then bounced higher to break above the $2.70 level. The $2.75 level is a strong resistance above and is likely to see a pullback there and is it manages to break above then it will move towards the $2.80 level and then $3 level. …Read More

 

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