Commodities Daily Forecast – August 17, 2017

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Published: Aug 17, 2017, 08:20 GMT+00:00

Gold The gold market entered a correction phase from the start of this week after hitting the higher level of $1290. The market went on a sideways

Commodities Daily Forecast – August 17, 2017

Gold

The gold market entered a correction phase from the start of this week after hitting the higher level of $1290. The market went on a sideways movement during the session on Wednesday, breaking above the $1275 level in the latter part. The slight upward movement in the prices will attract sellers from this level and will move it towards $1265 and $1250 level underneath. Any short term rally will provide good selling opportunity in the market. …Read More

Silver

The silver market rallied during the day on Wednesday after initial sideways movement. The counter is going to face tough resistance in the $17-17.20 levels and exhaustive candles will provide the traded thrust to sell the market towards the $16.50 level. If the market breaks above $17.25 level, then we may witness fresh buying into it. …Read More

WTI Crude Oil

The crude prices fell significantly in Wednesday’s trade, after the release of Federal Reserve Meeting Minutes which were much more dovish than anticipated. Finding it difficult to rev up the economy. This has affected the crude prices to breakdown further. Looking ahead, we will probably see the crude to get lower towards the $45 zone and any short term rally will be an selling opportunity. …Read More

Natural Gas

The natural gas counter is going through a lot of news from around, which is making it quite volatile. The downward pressure in the counter is helping the prices to break down. The market is quite supportive at $2.85 level and if it breaks, it will probably go below the $2.75 level. The market is going through of bad phase like oversupply, lack of pickup in demand, geopolitical tensions which are making the traders nervous. …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.