Commodities Daily Forecast – August 10, 2018

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Published: Aug 10, 2018, 08:37 UTC

Gold The gold market continued to be volatile during the Thursday's session trying to rally higher only to give back most of the gains. The strong

Commodities Daily Forecast – August 10, 2018

Gold

The gold market continued to be volatile during the Thursday’s session trying to rally higher only to give back most of the gains. The strong volatility in the forex market is also affecting the performances in the commodity market and for gold, it has broken significantly in the past few sessions. The $1200 and $1205 region is offering strong support to the market and if it breaks below this level, then it will be an extremely negative sign for the market and could send this market further lower. …Read More

Silver

The silver initially tried to rally during the yesterday’s session reaching towards the $15.50 level but pulled back slightly from there. If the silver breaks above the $15.50 level, then it will move higher significantly from here towards the $16 level. The market is trying to form some kind of base underneath which will help in the market moving further higher. …Read More

WTI Crude Oil

The crude oil prices had been choppy through the Thursday’s session as it hovered around the $67 level. This region has been offered support in the past as well and can witness a slight bounce from here as it offers a lot of interest to the traders. However, the market is likely to trade in rangebound with $70 level above, offering stiff resistance to the market. …Read More

Natural Gas

The Natural Gas prices had been choppy during the yesterday’s session hovering around the $2.94 level which is just below its major resistance level. The market is expected to very volatile between here and $3.10 level and if there are any signs of exhaustion in the market, then sellers will hammer the price lower towards the $2.80 level. …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.