Commodities Daily Forecast – April 24, 2017

Gold

Gold futures are expected to open sharply lower after investors dumped safe-haven assets early Monday in reaction to exit polls in France. Traders were also reacting to a jump in the Euro to a 5 ½ month high. According to reports, the first round of France’s presidential election went to centrist former economy minister Emmanuel Macron with far-right candidate Marine Le Pen coming in a close second… Read More

Silver

Silver markets fell on Friday but continue to find support near the $17.80 level. If we can break above the top of the candle, which is extensively breaking above the $18 level, I think that Silver markets will grind their way back to the $18.50 level above. I have no interest in shorting, because I see so much in the way of support underneath. I think that we are entering a grind higher, and the keyword there of course is grind… Read More

WTI Crude Oil

Crude oil futures are expected to open steady early Monday. Technical factors may play a role in today’s market as investors are going to have to decide to continue to react to bearish fundamental data or technically oversold conditions.

technically, the main trend is up, but momentum is clearly to the downside. The main range is $47.58 to $54.14. Its retracement zone is $50.86 to $50.09. On Friday, the market closed below this zone. This helped contribute to the market’s downside bias… Read More

Natural Gas

Natural gas prices dropped sharply on Friday despite weather that will likely drip cooling demand in the east coast and heating demand in the mid-west and west.  Prices slid through support near the April lows at 3.114, and closed the week trading near 3.10, slightly off the 3.082 lows. Prices continue to form a head and shoulder pattern which is a reversal pattern, which usually comes at the end of a uptrend… Read More