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Commodities Daily Forecast – August 10, 2017
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Gold The gold prices moved up significantly towards the $1275 mark which is both the support and resistance level. The sudden change of movement is due to
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Gold
The gold prices moved up significantly towards the $1275 mark which is both the support and resistance level. The sudden change of movement is due to the crisis brewing up in Korean peninsula engaging North Korea and the US of possible military action against them. The gold may move higher towards the $1300 mark which will the area of consolidation and also a strong resistance zone. The market will see volatility in the counter and once the issue settles down then the seller will take over the market. …Read More
Silver
After the geopolitical crisis between the US and North Korea on Nuclear missiles and warheads triggered a prospect of war, all the precious metal counter have suddenly exploded. The silver shot up towards the $17 mark breaking the resistance level of $16.50. Looking forward, the market will show sign of exhaustion from the upper level of $17. Any sign of rolling over from the top would be a selling opportunity in silver. …Read More
WTI Crude Oil
The crude market traded on a much similar pattern to previous day on Wednesday. THe market was range bound and moved between the $49.50 in the top and $48.50 in the bottom. The resistance in the market extends up to $50 level and if it breaks above the $50.50 then it has the potential to go higher. Till then the market is expected to be range bound and will move around the support level of $47.50. …Read More
Natural Gas
Initially, the natural gas counter dipped but turned up to cross above the $2.85 level. This was an expected turnaround as the market will try to cover the gap from late July. The market will continue to be bearish and it will get significant resistance on $2.93 level from where the gap had occurred. It will be sell on rallies market and will get lower towards the $2.75 mark in next couple of 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.
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