Commodities Daily Forecast – August 2, 2017

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Published: Aug 2, 2017, 08:23 GMT+00:00

Gold The gold initially went in a sideway direction testing the $1262 level but found enough support to rise towards the $1275 level and above in the

Gold

The gold initially went in a sideway direction testing the $1262 level but found enough support to rise towards the $1275 level and above in the later part of the day. From here the market will face resistance till it clears the $1300 handle due to the long term consolidation area that the market has been stuck in for some time. Buying in dips should be the right strategy to play the market amidst of soft dollar index. $1265 level will provide support to market and would be an area where buyers will be interested. …Read More

Silver

The market started with a sideways movement in the day but then fell significantly towards $16.60 level from where market turned around and formed a hammer candlestick pattern on the hourly chart. Both the reversal trends are bullish for the market. The market will continue to find buyers from the low levels and the weak dollar will continue to support the prices. The market has created the $16.50 level as a floor and as long we stay above this level market will look to go higher. …Read More

WTI Crude Oil

The pressure on crude prices continued throughout the day as the market was quite overbought. With Crude Oil inventory no. coming today, the market will remain volatile. If the crude prices break below the $49 level it will go much lower towards $47.50 and $45 level. And, any positive data comes out from the inventory number, we will see a short term bullish trend in the market with prices moving towards $52.50 level. …Read More

Natural Gas

The natural gas prices went lower towards the $2.75 which is a significant level in the past. The market looks like bit oversold in short term and the gap up there around $2.90 level which the market wants to fill that. Sell on rallies will continue in the market as oversupply will continue to put pressure on the market in the longer term. …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.