Commodities Daily Forecast – April 23, 2018

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Updated: Apr 23, 2018, 10:16 UTC

Gold The gold market witnessed a lot of price action in the past week because of the geopolitical concerns involving countries like the United States,

Gold

The gold market witnessed a lot of price action in the past week because of the geopolitical concerns involving countries like the United States, China and Syria. The market on Friday cooled a bit down as gold prices reached down towards the $1330 level which is one of its support levels. As the USD has started to rally, the market will be under pressure, however, it is unlikely to break below the $1300 level. …Read More

Silver

The silver market continues to be noisy as it pulled back during the Friday’s session bit found buyers around the $17.20 level. In the long-term, this market will continue to go upside with an initial target of $17.50 level and short-term pullbacks like these will continue to offer a good opportunity to enter this market. …Read More

WTI Crude Oil

The crude oil prices were mostly sideways during its entire trading session on Friday, hanging around the $68 level. It also formed a small hammer like pattern in the daily chart which is a bullish sign and is likely to continue moving higher. The $70 level is a major resistance for the crude market and will be very difficult to break above. …Read More

Natural Gas

The natural gas prices initially pulled back during the Friday’s session but got strong support at the $2.66 level to move higher reaching its initial position forming W pattern. The $2.60 level is a strong support underneath and will be a significant event if it breaks down below. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.