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Commodities Daily Forecast – August 16, 2017
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Gold The gold market started to show resiliency from the upper level and started to fall back breaking the $1275 level. The market will experience a fall
Gold
The gold market started to show resiliency from the upper level and started to fall back breaking the $1275 level. The market will experience a fall towards $1250 underneath in the near short term. The rally in the US dollar and cooling off of tension in Korean Peninsula is helping the market to wipe out the premium, it has gained in the last couple of session. Volatility and selling pressure to continue in the counter in coming sessions. …Read More
Silver
The silver market had a volatile session on Tuesday, with prices falling below the $17 level significantly. The precious metal counter will see selling pressure as it has gained a lot in past few sessions. The $16.50 underneath will be its immediate support and it will require few attempts to break the key level. Any rally in short term will be a good selling opportunity for traders. …Read More
WTI Crude Oil
The market went further lower during the trade on Tuesday, after significant fall in crude prices in Monday’s trade towards $47.50. The market seems to move around the key $47.50 level and today’s inventory number announcement will further affect the counter. If the crude breaks below the $47, we will see bearish pressure in the counter and if it closes above $48.50, then it will have bullish pressure until $50 level. …Read More
Natural Gas
The natural gas counter showed initial signs of strength but rolled over again to test the $2.93 level. If the prices break below the $2.92 level then we will see further breakdown towards $2.85 level. The massive resistance zone it has built above the $3 level will be difficult to cross. Short term rallies will attract selling in the counter with next immediate support will be at $2.85 and $2.75. …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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