Commodities Daily Forecast – August 14, 2017

Gold

The gold market remained in a sideways trajectory in Friday’s session with $1290 giving a tough resistance to break above. The geopolitical tension in Korean Peninsula and fear among traders to find a safe bet has supported the market to go higher. It will be important to see the market if it consolidates in the $1300 level or go much higher. The market will face some amount of resistance going forward and it may get back towards $1275 level and $1250 level in the near terms. …Read More

Silver

The silver market had a volatile session on Friday, testing the $17 level quite repeatedly during the day. The move has been due to the growing tension between the US and North Korea. The market has good support around the $16.50 level and resistance at $17.50 level. If the market fell below the $16.50 level, a significant amount of bearish pressure to enter the market. …Read More

WTI Crude Oil

The market initially fell towards the $48 level but found enough support to bounce back and make a bullish move in Friday’s session. In the candle stick chart pattern, the crude has made a hammer pattern, which is itself a strong reversal pattern and showing strength in the move. The market is expected to move towards the area of $50. Looking ahead, it is better not to short the market before any new fresh low have made. Breaking above $50.50 will send the market much higher. …Read More

Natural Gas

The natural gas counter traded on a sideway direction, testing the $3 level during the day on Friday. The market has massive resistance around the $3 level and will be in seller’s grip if it breaks below the $2.95 mark underneath. Oversupply in the market is still an issue and market will find sellers from upper levels as the bull run is stretched out to sustain. …Read More

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