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Commodities Daily Forecast – August 1, 2017
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Gold The gold prices followed a sideways movement during the day maintaining the support level of $1265. The gold market will get buyers in the current
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Gold
The gold prices followed a sideways movement during the day maintaining the support level of $1265. The gold market will get buyers in the current level as the political situation in the US remains a concern, the stock market is swelling on weak dollar and bond is not helping the traders much. Buying on dips to continue in the market with $1265 and $1250 dollar acting as a strong support zone. The gold prices are likely to consolidate around the $1300 level in long term. …Read More
Silver
The silver prices initially dipped but found support near $16.65 level and turned towards the $16.80 above. The real target for the market is $17 and above and any dip should be the buying opportunity for market. Break out above $17 should send the prices towards $17.50 with support near $16.50. The weak dollar and industrial demand will provide support to the market from both sides. …Read More
WTI Crude Oil
The market went higher on Monday’s trade to touch the $50 mark but rolled over from there. The pullback from $50 mark shows that market is not ready to break above and any short term rally is a selling opportunity. Closing above the $50 mark would have been a bullish sign and likely to have sent the market towards $52.50 mark. Markets likely to volatile in next few trading sessions and $47.50 will act as a support level. …Read More
Natural Gas
The market opened gapped down on Monday, which is a negative indication for the market and start of long term bear market. It closed lower to $2.85 level which was its support zone. The market likely to continue towards $2.75 and $2.50 level in coming days and any rally should be a selling opportunity. There is no support for the market as we look ahead in terms of revival of demand and supply. …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.
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