Commodities Daily Forecast – April 20, 2017

Gold

prices fell on Wednesday in response to a stronger U.S. Dollar and rising U.S. Treasury Bond yields. June Comex Gold finished the session at $1283.40, down $11.50 or -0.89% and continued the trend on Thursday morning.  The market fell to its lowest level since April 12 and closed lower for the first time in five sessions.

Investors were caught off guard by gold’s response to a steep drop in U.S. equity markets. However, support continued to be provided by concerns over geopolitical events in North Korea and the upcoming French presidential elections… Read More

Silver

Silver fell a bit during the day on Wednesday, testing the $18 level for support. This is an area that has a certain amount of psychological significance, so obviously, a bit of a bounce could be coming. On top of that, we have a nice, strong, uptrend during the day. The market looks as if we are going to try to reach towards the $18.50 level, and then the $19 level after that. Ultimately, the market might be choppy, but I still believe the buyers return repeatedly. It is not until we make a fresh, new low that I would even consider selling… Read More

WTI Crude Oil

Crude oil prices were hammered on Wednesday, with a sharp drop that followed the Department of Energy’s report on inventories. Initially the decline in imports kept prices buoyed, but the robust increase in gasoline inventories, weighed on prices.  WTI has been buoyed by supply constraints which has lifted market sentiment over the past couple of weeks.  Inventories in the United States remain high, as production from U.S. producers have taken the place of OPEC output… Read More

Natural Gas

Natural gas futures rebounded from a two-week low on Wednesday, supported by forecasts of cooler temperatures in a few key demand areas. June Natural Gas futures closed the session at $3.276, up $0.040 or +1.24%.

Over the past couple of weeks, natural gas prices have drifted sideways-to-lower due to lower demand because of the return of mild, spring temperatures. Additionally, traders have been worried about increasing stockpiles… Read More