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Commodities Daily Forecast – August 2, 2018
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Gold The gold prices continued to drift lower during Wednesday's session, as the market continued to witness negativity. The market is expecting some kind
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Gold
The gold prices continued to drift lower during Wednesday’s session, as the market continued to witness negativity. The market is expecting some kind of movements from the FOMC meeting outcome and US job numbers. Given the momentum, the market is likely to test for support at the $1,200 level and if it breaks down from there, it will be the major turn of sentiments for the traders. …Read More
Silver
The silver market was a bit sluggish during the Wednesday’s session as it waits for announcements from central banks in the US and UK. The Federal Reserve of US has indicated of no rate hike soon but in the case of UK, people are expecting of a rate hike. The US job numbers this Friday will also have a significant impact on silver prices. In the next two to three sessions, the silver prices are likely to hover around the $15.50 level with support extending down to the $15 level. …Read More
WTI Crude Oil
The crude oil price dropped lower during the yesterday’s session reaching the $67 level, which offered a bit of support. The market will continue to find issues around the $70 level and will remain under pressure. If the crude prices fail to hold the $66 level and $65 level underneath, then it can further drop lower towards the $60 level. …Read More
Natural Gas
The Natural Gas prices fell a bit lower during the yesterday’s session reaching down to the $2.77 level, but it is likely that the market will resume its rally again. The $2.85 level above is a major resistance and if it breaks above, then it could reach towards the $3 level. In the short-term, there might be a slight pullback but will find buyers underneath. …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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