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Commodities Daily Forecast – April 26, 2017

By:
FX Empire Editorial Board
Updated: Mar 4, 2019, 13:23 UTC

Although some investors believe the threats from North Korea are still underpinning the market, the story seems to have taken a backseat this week

Commodities Daily Forecast

Gold

Gold futures continue to feel the pressure from increased demand for higher-yielding assets. Then weaker U.S. Dollar doesn’t seem to be influencing the price action either.

Although some investors believe the threats from North Korea are still underpinning the market, the story seems to have taken a backseat this week. Traders may be focusing on the rise in U.S. equities, and the announcement of President Trump’s tax reform plan… Read More

Silver

Silver initially tried to rally on Tuesday but found the $18 level to be a bit too resistive. By turning around and falling the way they did, it suggests that we are going to continue to grind lower. I think that there is a significant amount of support to be found at the $17.50 level, so I would expect that a bounce could be coming… Read More

WTI Crude Oil

Oil prices moved higher on Tuesday, ahead of Wednesday’s inventory report from the Energy Information Administration.  Seemingly ever increasing U.S. shale production, along with recent talk from Russia, which has said it will increase its own output in H2 of this year if OPEC-NOPEC production cuts are not extended beyond June, has weighed on Prices. Inventories in the United States remain near multi-year highs as cuts from OPEC have yet to rebalance petroleum inventories… Read More

Natural Gas

Natural Gas prices are trading slightly higher early in Wednesday’s session. The market declined on Tuesday, but the selling dried up as the market neared a key retracement level at $3.120. This suggests that despite the bearish fundamentals, traders are also watching technical indicators like chart levels. Additionally, some oscillators are suggesting the market is oversold.

We’ve said for weeks that the natural gas market was probably due for a pullback into a major retracement zone at $3.120 to $3.048. We still stand by that forecast despite Tuesday’s short-covering rally into the close… Read More

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