Commodities Daily Forecast – August 11, 2017

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Published: Aug 11, 2017, 08:20 UTC

Gold The gold prices are inching higher for the last two sessions, consecutively breaking the $1265 and $1275 support level and moving towards the $1300

Commodities Daily Forecast – August 11, 2017

Gold

The gold prices are inching higher for the last two sessions, consecutively breaking the $1265 and $1275 support level and moving towards the $1300 mark. This area will offer a massive resistance and consolidation will take place unless the situation in Korean Peninsula gets worse. Going forward, it is expected that the traders will jump in the market in this uncertain times and falling dollar. If we break above the $1300 mark then it will be “buy and hold” market. …Read More

Silver

The market broke the important resistance zone of $17 and inched towards $17.50 during the day on Thursday. We had a little correction from the top level but not significant. The uncertainty in the financial market due to tensions in Korean Peninsula is driving the prices higher in commodities. Looking forward, the traders should exercise caution a the market could turn volatile and can move in any directions rapidly. If the market goes below the $17 level, the counter will experience a pullback from where new buying could come in to drive up the prices. …Read More

WTI Crude Oil

The crude market started on a positive note on Thursday inching towards $50 level. As soon it touched the $50 level, market repulsed and went lower towards the $48.50 mark. The zone is a massive resistance one and lack of any major trigger support the breakdown. Looking ahead, the market is expected to experience selling pressure after yesterday’s move with $47.50 as a support and if we break above $50.50 then the market will go looking towards the $52 level. …Read More

Natural Gas

The natural gas price shot up during the day and closed near the $3 level which is a massive resistance zone. The sellers will return to the market anytime soon as we see any signs of exhaustion. If the counter closes above the $3 mark then it will attempt for $3.10 level. Overall, the market is still negative and oversupply & lack of demand will pull the prices down towards $2.75 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.