Commodities Daily Forecast – August 16, 2018

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Published: Aug 16, 2018, 09:32 UTC

Gold The gold prices broke down significantly during the Wednesday's session as USD continues to strengthen. The Turkish situation is driving the overall

Gold

The gold prices broke down significantly during the Wednesday’s session as USD continues to strengthen. The Turkish situation is driving the overall forex and commodity market lower which is very negative for the market as it will restrict the bullish momentum. The $1140 level underneath continues to offer strong support and $1200 level on the top is acting as a ceiling in the market. …Read More

Silver

The silver prices fell hard during the yesterday’s session slicing through the $15 level as it reached down below the $14.50 level. The strength in the USD and break down of major currencies, is putting pressure on the market. Over the last 24 hours, the market has turned extremely bearish and will continue to be under pressure. Short-term rallies will offer nice selling opportunity in the market. …Read More

WTI Crude Oil

The crude oil prices further drifted lower during the yesterday’s session slicing through the $65 level which has been an important support level. The strength in the USD continues will continue to put pressure in the crude oil prices and until it breaks above the $66.50 level, the market will continue to witness selling pressure. The $60 level underneath is a strong long-term support for the market. …Read More

Natural Gas

The Natural Gas prices were noisy during the yesterday’s session as it continued to find significant resistance around the $3 level, as it was trying to break higher. The market has been consolidating around the region for the past few sessions and any signs of exhaustion will hammer the prices lower. In order to continue higher, the market needs to clear above the $3.05 level in the next few 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.