Commodities Daily Forecast – August 21, 2017

By:

Published: Aug 21, 2017, 06:53 UTC

Gold The gold market tested the important $1300 level but retracted from that level on Friday's session. The market has always followed a consolidation

Commodities Daily Forecast – August 21, 2017

Gold

The gold market tested the important $1300 level but retracted from that level on Friday’s session. The market has always followed a consolidation after hitting the $1300 mark in last several months. If the gold breaks below the $1285 level, then markets will go much lower and is going to test the $1275 and $1250 level eventually. …Read More

Silver

The silver counter traded on a positive bias during the Friday’s session but resistance at the $17.30 level turned the prices lower towards $17 level. If the prices break below the $16.90, then it may probably go down below towards $16.65 level. And, if successfully it stays above the $17 level, then the market will probably continue to go towards the $17.25 level. …Read More

WTI Crude Oil

The Baker Hughes Rig Count data on Friday indicated of less active rigs around the US and tightened Oil inventories. This resulted in upside spike in the price of crude towards $50 level. The market is going to face tough resistance at those level. The upside spike on Friday’s session will provide pullbacks near the $47.50 level. …Read More

Natural Gas

The natural gas prices were volatile during the session on Friday with downward pressure, with every upside movement is seen as a reason to sell this market. The market is looking towards the $2.85 level underneath and $2.50 level in the longer-term. Currently, the fundamentals of the market is very negative surrounding the oversupply and demand issues. …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.