Commodities Daily Forecast – August 17, 2018

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Published: Aug 17, 2018, 11:06 UTC

Gold The gold prices initially rallied during the Thursday's session but witnessed some amount of selling pressure on the top. Going forward, short-term

Gold

The gold prices initially rallied during the Thursday’s session but witnessed some amount of selling pressure on the top. Going forward, short-term bounces in the market will attract sellers into the market unless and until it breaks above the $1200 level. Strength in the USD and volatile forex market will continue to keep the gold prices under pressure. …Read More

Silver

The silver prices rallied during the yesterday’s session breaking above the $14.50 level after the news that Chinese delegation will visit the US to discuss the trade policy which eased some amount of tensions from the market. But, there needs to something definitive for a total market reversal. The $14.75 and $15 level above is a strong resistance point for the market and needs to clear above in order to move further higher. …Read More

WTI Crude Oil

The crude oil prices moved very little during the yesterday’s session hovering just above the $65 level which is offering a bit of support to the market. Over the next 24 hours, the market is likely to trade range bound and if it breaks the $65 level, then it will be very negative for the market and will become very difficult to cross above again. …Read More

Natural Gas

The Natural Gas prices continued to consolidate around the $2.90 region in the Thursday’s session. Overall the market is certainly facing a strong resistance to breaking above the $3 level and if it continues in this region bit longer, sellers will start getting attracted and break this market towards the $2.70 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.