Commodities Daily Forecast – August 1, 2018

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Published: Aug 1, 2018, 09:42 UTC

Gold The gold prices rallied a bit higher towards the $1218 level as the level provided a bit of resistance. The price movement in the last few sessions

Gold

The gold prices rallied a bit higher towards the $1218 level as the level provided a bit of resistance. The price movement in the last few sessions indicating the market is trying to form a base to start its next phase of the rally. A break above $1225 level will eventually attract more buyers into the market and $1200 level underneath is going to be the floor of the market. …Read More

Silver

The silver market continued to be very noisy during the yesterday’s session, bouncing around during the day. The silver price initially dipped down towards the $15.35 level but later in the day gained enough momentum to scale higher towards the $15.50 level. In the long-term charts, the area between the $15 and $15.50 level continues to offer strong support and if it breaks below the $15 level, then it will be extremely negative for the market. …Read More

WTI Crude Oil

The crude oil price dropped significantly during the yesterday’s session as it found $70 region too much resistive. The market has cleared the $69 level and is testing for support at the $68.50 level. The oversupply in the market will continue to be an issue and any short-term upside tick will offer a nice opportunity to sell this market. …Read More

Natural Gas

The Natural Gas prices were initially sideways in the Tuesday’s session but then exploded higher to reach towards the $2.85 level, an area which is slightly resistive. As the fundamentals of the market continue to be very weak, the market is likely to continue trading in a range of $3 -$2.70 level in the next several sessions. …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.